SAN FRANCISCOSouth Korea's MagnaChip Semiconductor Ltd. has dropped its bid for an initial public offering in the U.S., citing unfavorable market conditions.
MagnaChip filed a document with the U.S. Securities and Exchange Commission Friday (Jan. 30) requesting that the regulatory body consent to its withdrawal of registration statements filed in November 2007.
MagnaChip was among several IPO hopefuls that had been planning to go public before the financial crisis hit and IPO activity ground to a halt in the third quarter of last year. Experts don't expect IPO activity to return for some time.
Last October, MagnaChip exited the CMOS image sensor business amid mounting losses.