November 15, 2007 / 5:27 AM / 11 years ago

UPDATE 1-MagnaChip Semiconductor files for $575 mln IPO

(Updates with background on MagnaChip, changes dateline)

WASHINGTON/SEOUL, Nov 15 (Reuters) - MagnaChip Semiconductor Corp., which makes analog and mixed-signal semiconductor products, on Wednesday said it was planning an initial public offering of as much as $575 million in common stock.

Goldman Sachs, UBS Investment Bank, Credit Suisse, Citi, Lehman Brothers, Jefferies & Company and JMP Securities will underwrite the IPO, according to a preliminary offering document filed with the U.S. Securities and Exchange Commission.

South Korea-based MagnaChip said its products are used in consumer products such as mobile phones, digital televisions, notebook computers and digital cameras.

It is seeking a New York Stock Exchange listing under the symbol “MX.N.”

A spokesman for MagnaChip in Seoul on Thursday declined to provide further details.

MagnaChip, a former non-memory unit of Hynix Semiconductor (000660.KS), the world’s second-biggest maker of memory chips, was initially aiming to file for an IPO in 2006 but delayed the move to 2007, citing stalled sales growth.

It mainly makes display drivers used in flat panel monitors and televisions and image sensors. Major customers include Samsung Electronics Co. Ltd. (005930.KS) , LG.Philips LCD (034220.KS) and Japan’s Sharp Corp (6753.T).

MagnaChip was launched after a consortium of Citigroup Venture Capital (CVC) in the United States, CVC Asia Pacific and another investment fund bought the unit for $830 million in 2004.

Reporting by John Poirier and Marie-France Han; Editing by Leslie Gevirtz and Keiron Henderson

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