IPO News Archive
MagnaChip Semiconductor prices IPO at $14, below the range
MagnaChip Semiconductor, the former analog and mixed-signal semiconductor business of LG, raised $133 million by selling 9.5 million ADSs at $14, below its anticipated range of $15 to $17. Insiders sold 90% of the shares. The Korea-based company, whose products are used in LCD TVs, notebooks and a variety of consumer mobile devices, booked $871 million in sales in 2010. MagnaChip previously tried to go public in June 2010, but postponed the offering due to market conditions. The company is the second semiconductor IPO of 2011 and follows recent analog power management chip supplier BCD Semiconductor (BCDS), which is down -7% from its January 27 debut. MagnaChip will begin trading on Friday on the NYSE under the symbol MX. Barclays Capital, Deutsche Bank Securities and Goldman, Sachs & Co. acted as lead managers on the deal.