MagnaChip withdraws IPO - again

LONDON — 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Semiconductor LLC, a spinoff from Hynix Semiconductor Inc. that filed for bankruptcy protection in June 2009, has withdrawn a planned initial public offering due to "adverse market conditions," the company said in a statement.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 on offer.

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.