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Integrated Micro-Electronics, Inc., one of the world’s leading EMS companies, ended the offer period for its domestic public offer on November 28, 2014, successfully raising Php1,612.50 million from the public offering and issuance of 215 million primary common shares at Php7.50 per share.
The Offer was oversubscribed, having received very strong support from retail investors.
IMI was established in 1980 and after 34 years of operation has become the eighth largest automotive EMS company in the world in terms of revenues. As of July 2014, the company has a total manufacturing space of approximately 223,000 square meters in seven countries, with a workforce of over 15,000 employees worldwide. Leading original electronics manufacturers are among IMI’s long-standing clients in its wide base of diversified customers, with IMI having single supplierstatus for 20% of its top 10 customers.
The use of proceeds will be primarily for capital expenditure, business expansion, refinancing of debt and general corporate purposes. Capital expenditure and business expansion, which constitute around 70% of the proceeds, will be focused on the company’s global operations in Bulgaria, China, Czech Republic, Mexico and the Philippines.
After the Offer, IMI’s public float will increase from 10.26% to 20.70%, thereby also ensuring that IMI is well-above minimum public float requirements. The listing date for the Offer shares is scheduled on December 5, 2014.
BPI Capital Corporation (“BPI Capital”) is the Issue Manager, Bookrunner and Lead Underwriter for the Offer; Investment & Capital Corporation of the Philippines (ICCP) and SB Capital Investment Corporation are Participating Underwriters. BPI Capital was also the advisor for IMI’s listing by way if introduction in 2010.
Integrated Micro-Electronics Inc. (IMI) is one of the leading global providers of electronics manufacturing services (EMS) and power semiconductor assembly and test services with manufacturing facilities in Asia, Europe, and North America. It serves diversified markets that include those in the automotive, industrial, medical, telecommunications infrastructure, storage device, and consumer electronics industries. Committed to cost-effective and innovative customized solutions (from design and product development to manufacturing and order fulfillment), the company's comprehensive capabilities and global manufacturing presence allow it to take on specific outsourcing needs. IMI is the twenty-first largest EMS provider in the world in terms of 2013 EMS revenues based on the list of Manufacturing Market Insider. A subsidiary of Ayala Corporation, IMI is listed on the Philippine Stock Exchange. For more information, visit www.global-imi.com.