IMI raises P1.61B from share offer

Ayala-led electronics manufacturing services firm Integrated Micro-Electronics Inc. has raised P1.61 billion from a public offering of shares four years after listing on the local stock exchange by way of introduction.

In a disclosure to the Philippine Stock Exchange on Monday, IMI announced the issuance of 215 million primary common shares at P7.50 a share at the end of its domestic public offering on Nov. 28.

“The offer was oversubscribed, having received very strong support from retail investors,” the company said.

About 70 percent of the proceeds will be focused on capital expenditures and business expansion, particularly for operations in Bulgaria, China, Czech Republic, Mexico and the Philippines.

Now one of the world’s leading providers of electronics manufacturing, power semiconductor assembly and test services, IMI has manufacturing hubs in seven countries serving Asia, Europe and North America and powered by 15,000 full-time staff. As of July 2014, the company had a total manufacturing space of about 223,000 square meters.

The company ramped up its overseas expansion in the last eight years as part of the strategy to build closer to the backyard of its foreign clients.

In the first nine months of this year, only 26 percent of its $650.1 million in consolidated revenues came from Philippine operations.

With the conclusion of the offering, IMI’s public float will increase from 10.26 percent to 20.70 percent.

BPI Capital Corp. is the issue manager, bookrunner and lead underwriter for the offer while Investment & Capital Corp. of the Philippines (ICCP) and SB Capital Investment Corp. are participating underwriters. BPI Capital was also the advisor for IMI’s listing by way of introduction—or without a public offering—in 2010.

The new shares will be listed on the local stock exchange on Dec. 5. Doris C. Dumlao

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94

seo tools