Clark electronics firm prepares IPO
APR 22, 2014 BY: Jenniffer B. Austria
Phoenix Semiconductor Philippines Corp. of Korea plans to raise P2.15 billion from an initial public offering slated in June.
Documents filed with the Securities and Exchange Commission obtained by Standard Today showed Phoenix Semiconductor, which operates in the Clark Freeport Zone, would offer a maximum of 572.186 million shares for a maximum price of P3.76 apiece.
The shares consist of 286.093 million in primary stocks and 286.093 million in secondary issues owned by the company’s major shareholder, STS Semiconductor & Telecommunications Co. Ltd.
STS Semiconductor is one of South Korea’s leading providers of comprehensive semiconductor packaging and test services.
The shares up for sale represent 25 percent of the issued and outstanding capital stock of the company after the completion of the IPO.
BDO Capital & Investment Corp. is the issue manager and lead underwriter of the offering.
The offering period from June 16 to June 20, with the listing date tentatively set on June 27.
Phoenix Semiconductor plans to use proceeds from the IPO to purchase machinery and production equipment to expand business and operations.
“In the third quarter of 2014, the company will embark on a maintenance and expansion program to further enhance and expand its business and operations. The maintenance includes acquisition of machines and equipment for existing manufacturing lines. The expansion program will include existing new manufacturing facility to be built within the company’s premises,” Phoenix Semiconductor said.