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MANILA -- The Philippine unit of South Korea's STS Semiconductor & Telecommunications plans to raise around 2.15 billion pesos ($48 million) through an initial public offering.
According to its preliminary prospectus filed with the Philippine Securities and Exchange Commission, Phoenix Semiconductor Philippines is looking to sell 572.19 million shares at up to 3.76 pesos apiece.
Of those, some 286 million are primary shares, while around 286 million are secondary shares held by STS Semiconductor, which owns 99% of the company.
"The net proceeds that will be generated from the offer will be used primarily for the acquisition of new machineries, equipment and other capital expenditures of the company," the prospectus said.
The company plans to conduct the offering from June 16 to June 20. It has appointed BDO Capital & Investment as its issue manager and lead underwriter.
Based in the Clark Freeport Zone, north of Manila, Phoenix Semiconductor provides turnkey solutions that include package design and development, wafer probing, wafer backgrinding, assembly and packaging, and final testing of semiconductor devices, according to the prospectus.