Chip tester UTAC avoids testing public markets and withdraws $350 million IPO

UTAC Holdings, which provides assembly and test services for a broad range of semiconductor chips, withdrew its plans for an initial public offering on Friday, citing unfavorable market conditions. It originally filed in July 2015 with a proposed deal size of $350 million. 

Peers Siliconware Precision Industries (Nasdaq: SPIL) and Amkor Technology (Nasdaq: AMKR) have had mixed trading in 2016. Siliconware is down 3% year-to-date, while Amkor is up 100%. A semi-conductor equipment maker, Ichor Holdings (ICHR), is eligible to launch its IPO before year-end.

The Singapore-based company was founded in 1997 and booked $932 million in sales for the 12 months ended June 30, 2015. It had planned to list under the symbol UTAC. BofA Merrill Lynch, Citi and Credit Suisse were set to be the joint bookrunners on the deal.