LONDON LED manufacturer Seoul Semiconductor Co. Ltd. has announced that it and its affiliate company, Seoul Optodevice Co. Ltd., have raised $248 million by way of a share issue.
Seoul Semiconductor issued 6.9 million shares at $33.565 per share for a total of $232 million and Seoul Optodevice issued 2.7 million shares at $5.87 per share for a total of $16 million.
The money will be used to address "increased product demands," the company said. The demand is put down to a patent cross-license agreed with Nichia Corp. and increased market acceptance of the Acriche technology that allows LEDs to operate from an ac source. The capital has come from Singapore's sovereign wealth fund, Seoul Semiconductor said.