MagnaChip Semiconductor Corporation, a leading Korea-based manufacturer of analog and mixed-signal semiconductor products, filed on Monday with the SEC to raise up to $250 million in an initial public offering. The company, whose chips are used in consumer applications such as televisions, mobile phones and personal computers, was formerly a unit of Hynix Semiconductor until it was purchased by Citigroup Ventures and Francisco Partners in 2004. MagnaChip Semiconductor filed for bankruptcy in June of 2009 and emerged the following November; it is currently 70% owned by funds affiliated with Avenue Capital Management. The company booked $560 million in sales last year and plans to list its depository shares on the NYSE under the symbol MX. Approximately $12 million of IPO net proceeds will be used to fund incentive payments for its employees, with the remainder going toward working capital purposes. Goldman Sachs, Barclays Capital and Deutsche Bank are the lead underwriters on the deal, for which pricing terms and timing were not disclosed.
