MagnaChip Semiconductor Corporation, a leading Korea-based manufacturer of analog and mixed-signal semiconductor products, announced terms for its IPO on Wednesday. The company, whose chips are used in consumer applications such as televisions, mobile phones and personal computers, plans to raise $124 million by offering 7.5 million shares at a range of $15.50-$17.50, with 6 million shares to be sold by insiders. At the mid-point of the proposed range, MagnaChip Semiconductor will command a market value of $678 million. The company was formerly a unit of Hynix Semiconductor until it was purchased by Citigroup Ventures and Francisco Partners in 2004. It filed for bankruptcy in June of 2009, emerged the following November and is currently 70% owned by funds affiliated with Avenue Capital Management. MagnaChip Semiconductor, which booked $560 million in sales last year and recently turned profitable in the first quarter, plans to list on the NYSE under the symbol MX. Goldman, Sachs & Co., Barclays Capital and Deutsche Bank Securities are the lead underwriters on the deal. The pricing date has been scheduled for the week of June 28th.
