Reuters: Magnachip is planning an IPO of as much as $575M. It is seeking a NYSE listing under the symbol "MX.N".
MagnaChip was launched after a consortium of Citigroup Venture Capital (CVC) in the United States, CVC Asia Pacific and another investment fund bought Hynix non-memory business unit for $830 million in 2004. It was initially aiming to file for an IPO in 2006 but delayed the move to 2007, citing stalled sales growth.
In the latest quarterly report Magnachip says that Imaging Solutions sales were about $51.6M in 9 months of 2007 vs. $47.7M a year ago. The gross profit in imaging was $2.5M vs $5.3M loss a year ago.
The increase in sales was primarily due to significantly higher sales of small form factor VGA products and, to a lesser extent, higher 1.3 MP product sales. CMOS sensors sales represent about 11% of the total company sales in the last quarter.
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