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MagnaChip files for IPO again
Mark Lapedus
2/18/2011 1:48 PM EST
SAN JOSE, Calif. - As expected, MagnaChip Semiconductor has filed for an initial public offering (IPO) in the United States-again.
MagnaChip, the logic and foundry spinoff of Hynix Semiconductor Inc., announced terms for its IPO on Friday (Feb. 18).
The Luxembourg-based company plans to raise $152 million by offering 9.5 million ADSs at a price range of $15.00 to $17.00. At the mid-point of the proposed range, MagnaChip will command a market value of $649 million.
MagnaChip, which was founded in 2004 and booked $770 million in sales last year, plans to list on the NYSE under the symbol ''MX.'' Barclays Capital, Deutsche Bank Securities and Goldman, Sachs & Co. are the lead underwriters on the deal, which is expected to price during the week of March 7.
The company, a maker of analog and mixed-signal ICs, filed for an IPO with the U.S. Securities and Exchange Commission (SEC) in November of 2007, with an offering valued up to $575 million. But it withdrew that IPO filing in January of 2009.
Then, the company filed for Chapter 11 bankruptcy protection in June 2009, as it fell into massive losses and debt. The company subsequently sought bankruptcy protection before a reorganization under which Avenue Capital Group, an investment firm, acquired a 70 percent stake in Magnachip.
In March of 2010, MagnaChip filed again with the SEC for an IPO that was to raise up to $250 million in March 2010, before pricing it more modestly at $130 million in June 2010. Then, in June of 2010, MagnaChip scrapped the IPO due to "adverse market conditions."
MagnaChip derives its revenues from three principal business lines: display solutions, power solutions and foundry. Net sales were $770.4 million for the year ended Dec. 31, 2010, a $210.3 million, or 37.6 percent increase compared to $560.1 million for the combined twelve-month period ended Dec. 31, 2009.
Net income increased by $1.3 million in the combined twelve-month period ended Dec. 31, 2009 compared to a loss of $417.3 million in the year ended December 31, 2008. Net income was $74.1 million in 2010.
Its worldwide workforce consisted of 3,337 employees (full- and part-time) as of Dec. 31, 2010, according to a filing.
Its display solutions business represented 39.7 percent, 50.5 percent and 50.5 percent of its net sales for the fiscal years ended Dec. 31, 2010, 2009 (on a combined basis) and 2008, respectively. Net sales from its Display Solutions segment were $305.9 million for the year ended Dec. 31, 2010, a $22.9 million, or 8.1 percent, increase compared to $282.9 million for the combined twelve-month period ended Dec. 31, 2009.
Its power solutions business represented 7.4 percent, 2.2 percent and 0.9 percent of its net sales for the fiscal years ended Dec. 31, 2010, 2009 (on a combined basis) and 2008, respectively. Net sales from our Power Solutions segment were $57.3 million for the year ended Dec. 31, 2010, a $44.9 million, or 362.9 percent increase compared to $12.4 million for the combined twelve-month period ended Dec. 31, 2009.
Its foundry business represented 52.6 percent, 46.7 percent and 47.7 percent of its net sales for the fiscal years ended Dec. 31, 2010, 2009 (on a combined basis) and 2008, respectively.
Net sales from our Semiconductor Manufacturing Services segment were $405.2 million for the year ended Dec. 31, 2010, a $143.8 million, or 55.0 percent, increase compared to $261.4 million for the combined twelve-month period ended Dec. 31, 2009. ''This increase was primarily due to a 52.1 percent increase in sales volume and 2.0 percent increase in average selling prices of eight-inch equivalent wafers driven by a strong market demand upside due to the recovery from the economic slowdown and an improved product mix of advanced process geometry,'' according to the filing.
MagnaChip, the logic and foundry spinoff of Hynix Semiconductor Inc., announced terms for its IPO on Friday (Feb. 18).
The Luxembourg-based company plans to raise $152 million by offering 9.5 million ADSs at a price range of $15.00 to $17.00. At the mid-point of the proposed range, MagnaChip will command a market value of $649 million.
MagnaChip, which was founded in 2004 and booked $770 million in sales last year, plans to list on the NYSE under the symbol ''MX.'' Barclays Capital, Deutsche Bank Securities and Goldman, Sachs & Co. are the lead underwriters on the deal, which is expected to price during the week of March 7.
The company, a maker of analog and mixed-signal ICs, filed for an IPO with the U.S. Securities and Exchange Commission (SEC) in November of 2007, with an offering valued up to $575 million. But it withdrew that IPO filing in January of 2009.
Then, the company filed for Chapter 11 bankruptcy protection in June 2009, as it fell into massive losses and debt. The company subsequently sought bankruptcy protection before a reorganization under which Avenue Capital Group, an investment firm, acquired a 70 percent stake in Magnachip.
In March of 2010, MagnaChip filed again with the SEC for an IPO that was to raise up to $250 million in March 2010, before pricing it more modestly at $130 million in June 2010. Then, in June of 2010, MagnaChip scrapped the IPO due to "adverse market conditions."
MagnaChip derives its revenues from three principal business lines: display solutions, power solutions and foundry. Net sales were $770.4 million for the year ended Dec. 31, 2010, a $210.3 million, or 37.6 percent increase compared to $560.1 million for the combined twelve-month period ended Dec. 31, 2009.
Net income increased by $1.3 million in the combined twelve-month period ended Dec. 31, 2009 compared to a loss of $417.3 million in the year ended December 31, 2008. Net income was $74.1 million in 2010.
Its worldwide workforce consisted of 3,337 employees (full- and part-time) as of Dec. 31, 2010, according to a filing.
Its display solutions business represented 39.7 percent, 50.5 percent and 50.5 percent of its net sales for the fiscal years ended Dec. 31, 2010, 2009 (on a combined basis) and 2008, respectively. Net sales from its Display Solutions segment were $305.9 million for the year ended Dec. 31, 2010, a $22.9 million, or 8.1 percent, increase compared to $282.9 million for the combined twelve-month period ended Dec. 31, 2009.
Its power solutions business represented 7.4 percent, 2.2 percent and 0.9 percent of its net sales for the fiscal years ended Dec. 31, 2010, 2009 (on a combined basis) and 2008, respectively. Net sales from our Power Solutions segment were $57.3 million for the year ended Dec. 31, 2010, a $44.9 million, or 362.9 percent increase compared to $12.4 million for the combined twelve-month period ended Dec. 31, 2009.
Its foundry business represented 52.6 percent, 46.7 percent and 47.7 percent of its net sales for the fiscal years ended Dec. 31, 2010, 2009 (on a combined basis) and 2008, respectively.
Net sales from our Semiconductor Manufacturing Services segment were $405.2 million for the year ended Dec. 31, 2010, a $143.8 million, or 55.0 percent, increase compared to $261.4 million for the combined twelve-month period ended Dec. 31, 2009. ''This increase was primarily due to a 52.1 percent increase in sales volume and 2.0 percent increase in average selling prices of eight-inch equivalent wafers driven by a strong market demand upside due to the recovery from the economic slowdown and an improved product mix of advanced process geometry,'' according to the filing.
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