IPO FILING: MagnaChip (MX)

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MagnaChip Semiconductor Corporation is coming public.  The maker of did not give formal terms of the offering but noted that it plans to sell up to $250 million in common stock.  The maker of analog and mixed signal semiconductors for applications in mobile, PC, and TVs plans to trade under the ticker “MX” on the New York Stock Exchange for each of its depository shares.  Underwriters are listed as Goldman Sachs, Barclays Capital, Deutsche Bank Securities, Citigroup, and UBS Investment Bank.

The company is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for high-volume consumer applications, and the company said it has one of the broadest and deepest analog and mixed-signal semiconductor technology platforms in the industry.  It claims about 3,600 novel registered and pending patents.  It also claims over 2,300 distinct products and over 185 customers for 2009, and those key clients were noted as LG Display, Sharp and Samsung.

The company has made changes to be more profitable and lean.  It has closed its imaging solutions business as losses there were $91.5 million and $51.7 million in 2008 and 2007, respectively.  The company also cut its debt from $845 million before a reorganization to $61.8 million as the end of 2009.

For 2009 on an a combined pro forma basis, MagnaChip reported net sales of $560.1 million, income from continuing operations of $66.0 million, Adjusted EBITDA of $98.7 million and Adjusted Net Income of $53.0 million.

JON C. OGG

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