LONDON ó MagnaChip Semiconductor LLC, a spinoff from Hynix Semiconductor Inc.
that filed for bankruptcy protection in June 2009, has withdrawn a planned
initial public offering due to "adverse market conditions," the company said in
a statement. MagnaChip (Seoul, South Korea) had filed details with the
Securities & Exchange Commission of an IPO that could raise up to $250
million in March 2010
before pricing it more modestly to raise $130 million in June 2010.
The company has now chosen not proceed with the IPO at this time, probably
because it could not find sufficent numbers of investments to take up the stock
The company, a maker of analog and mixed-signal ICs, had also filed for an
IPO with the U.S. Securities and Exchange Commission in November 2007, with an
offering value of up to $575 million but did not follow through. It withdrew
that IPO filing in January 2009. The company subsequently sought bankruptcy
protection before a reorganization under which Avenue Capital Group (New York),
an investment firm, acquired a 70 percent stake in Magnachip.