* Sold 9.5 mln shares for $14 each vs $15-$17 range
* Third attempt at IPO, filed for Chapter 11 in 2009
* To begin trading on NYSE on Friday under symbol "MX"
(Adds detail on selling shareholders, previous IPO efforts)
NEW YORK, March 10 Korea-based chipmaker
MagnaChip Semiconductor Corp raised $133 million in its initial
public offering on Thursday after pricing shares at the bottom
of the proposed range, an underwriter said.
MagnaChip, whose chips are used in flat-panel displays and
smartphones, sold 9.5 million shares for $14 each, the
The company designs and makes analog and mixed-signal
semiconductor chips as well as offering manufacturing services
to other semiconductor companies.
MagnaChip filed for Chapter 11 bankruptcy relief in June
2009 before being bought out by Avenue Capital Group and
affiliated funds, which remain the majority stakeholder.
Avenue Capital and other shareholders -- including Southpaw
Asset Management, UBS O'Connor, Deutsche Bank Securities Inc
and Carlyle Group -- planned to sell 8.55 million shares. The
company itself planned to sell 950,00 shares.
In mid-June 2010, the company filed to raise up to $123.8
million in an IPO but withdrew the plan by the end of the
month, citing adverse market conditions.
MagnaChip first filed for an IPO in 2007, looking to raise
as much as $575 million, but the company later withdrew that
plan, also citing unfavorable market conditions.
The company told U.S. regulators in the filing that it
plans to use net proceeds from the IPO to give "incentive
payments" to all employees except for executive officers.
MagnaChip had planned to sell the stock in the form of
American depositary shares for $15 to $17 each.
Underwriters on the offering were led by Barclays Capital,
Deutsche Bank Securities and Goldman Sachs & Co.
MagnaChip is expected to begin trading on the New York
Stock Exchange on Friday under the symbol "MX" (MX.N).
(Reporting by Alina Selyukh; Editing by Gary Hill and Tim