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DiggSouth Korea's MagnaChip Semiconductor LLC might be about to reach a milestone, assuming it doesn't hit another pothole. The company late Wednesday filed to go public on the New York Stock Exchange in an IPO that could raise as much as $575 million.
MagnaChip makes semiconductors for high-volume consumer products, including cell phones, digital TVs and cameras. The company comprises the nonmemory assets of dynamic random access memory maker Hynix Semiconductor Inc., which spun the unit off to Citigroup Venture Capital Equity Partners LP, CVC Asia Pacific Ltd. and Francisco Partners LP in October 2004 for $830 million.
MagnaChip had planned to go public on Nasdaq in 2006, according to company management (it never actually filed), but it delayed the offering due to slow growth. It's not exactly smooth sailing right now either for the chip industry, with several sectors experiencing oversupply and concern growing about how the credit crisis in the U.S. will affect holiday spending on tech gadgets.
The IPO will be underwritten by Goldman, Sachs & Co., UBS Investment Bank, Credit Suisse, Citigroup Inc., Lehman Brothers Inc., Jefferies & Co. and JMP Securities. - Olaf de Senerpont Domis
See S-1 from SEC.gov
See profile from Renaissance Capital's IPOhome.com
See November 2005 story from TheDeal.com
