MagnaChip Semiconductor planning IPO of $250M
MagnaChip Semiconductor LLC, which recently emerged from bankruptcy protection, on Monday filed its intent to raise as much as $250 million in an initial public offering.
The Korean maker of semiconductors for televisions, computers and cell phones had previously filed to go public in November 2007, hoping to raise as much as $575 million, just before the recession hit. MagnaChip withdrew those plans in January 2009.
The company filed for Chapter 11 bankruptcy protection in June 2009 and exited bankruptcy with less debt and a new board of directors in November.
The company said in a filing with the Securities and Exchange Commission that it will be known as MagnaChip Semiconductor Corp. once it begins trading under the symbol "MX" on the New York Stock Exchange.
It did not release expected terms or a date for the IPO.
MagnaChip plans to use $12 million of the net proceeds of the IPO for employee incentive payments and an undisclosed amount for general corporate purposes.
Goldman Sachs, Barclays Capital and Deutsche Bank Securities are the lead underwriters.
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