Semiconductors - Thursday, November 15, 2007
South Korea's Magnachip Files Major $575M IPO
This is a doozy. South Korea's MagnaChip Semiconductor has filed for a $575M IPO. It plans to trade on the NYSE under ticker symbol MX. MagnaChip sells flat-panel display drivers and image sensors. The company also does a large business in contract manufacturing services.
The company was spun out of Hynix in 2004 by Citigroup Venture Capital, CVC Asia Pacific and Francisco Partners.
For the nine months ended September 30, MagnaChip reported a loss of $138.9M on sales of $545.9M. MagnaChip said it expects to book higher research and marketing costs in the next several quarters and may not become profitable.
Several IPOs have been pulled recently and given MagnaChip's profit warnings we wouldn't be surprised to see this one get put on hold unless conditions look perfect at the time.
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