Philippine Daily Inquirer
12:18 am | Monday, March 10th, 2014
Integrated Micro-Electronics Inc. (IMI) of the Ayala group is warming up to a potential initial public offering (IPO) to comply with the requirement of the local bourse where it listed by way of introduction four years ago.
IMI also expected to exceed the strong results it chalked up in 2013, during which the company nearly doubled its net profit to $10.5 million. Business expansion in Europe and the Philippines allowed it to defy the global downturn last year.
“We’re open now (to the IPO) because, compared with previous years, our story is a bit more attractive,” IMI chief finance officer Jerome Tan said in a telephone interview.
IMI is even more upbeat now that the world is in a much better shape with the recovery of most Western economies, he said.
“When we look at the global economy, we expect our performance this year to be better than last year,” Tan said.
IMI is now waiting for its growth figures and favorable market conditions before it complies with the IPO requirement. To date, it has opted to pay fines for its delay in complying with the IPO requirement.
In a memorandum dated March 6, the Philippine Stock Exchange said IMI had paid the corresponding penalties for failure to comply with the IPO requirement after it listed without selling shares to the public.
IMI listed by way of introduction on Jan. 21, 2010 under the 2009 rules on listing by way of introduction. The rules have since been amended and a new framework took effect on March 24, 2011.
When it first listed by way of introduction, it was required to conduct a public offering within a year, but it was unable to do so because of weak market conditions. However, the company has been able to comply with the minimum public float requirement of 10 percent.
According to Tan, IMI is now consulting bankers on the viability of undertaking an IPO.
IMI is the 20th largest electronics manufacturing service provider in the world in terms of 2012 revenue based on the list of Manufacturing Market Insider. It has grown from a Philippine-based electronics manufacturer in 2002 to a global company with manufacturing and engineering hubs in Asia, North America and Europe.
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