MagnaChip Semiconductor Corp. announced the initial public offering (IPO) of 9,500,000 shares of common stock at a price to the public of $14.00 per share. All of the shares of common stock sold in this offering will be sold in the form of depositary shares. Each depositary share represents an ownership interest in one share of common stock. Of the 9,500,000 shares being offered, 950,000 shares are being offered by MagnaChip Semiconductor and 8,550,000 shares are being offered by selling stockholders. In addition, MagnaChip Semiconductor and the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 142,500 and 1,282,500 shares, respectively, to cover over-allotments, if any.
The depositary shares will begin trading on the New York Stock Exchange on March 11, 2011 under the ticker symbol "MX."
Barclays Capital Inc., Deutsche Bank Securities Inc. and Goldman, Sachs & Co. are serving as joint-bookrunners and Citigroup Global Markets Inc. and UBS Securities LLC are serving as co-managers in the offering.
