AYALA-LED Integrated Micro-Electronics Inc. (IMI) has secured a pre-effective order from the Securities and Exchange Commission (SEC) to its public offering of 215 million common shares set from November 24 to 28.
The company and its issue manager, BPI Capital Corp., then agreed to price the shares at P7.50 each, equivalent to P1.6 billion.
IMI would have raised P2.2 billion had the oversubscription option of 85 million more common shares been exercised.
The proceeds will be used for business expansion, capital expenditure, debt refinancing and working fund purposes.
The listing of shares on the Philippine Stock Exchange is on December 5.
Apart from handling the offer, BPI Capital also serves as a bookrunner and lead underwriter, with Investment & Capital Corp. of the Philippines and SB Capital acting as participating underwriters.
As a global provider of electronics manufacturing services and power semiconductor assembly and test services, IMI operates locally and overseas, including China, Europe and Mexico.
From January to September 2014, IMI posted a growth of 19 percent in its combined revenues to $650.1 million, from $547.1 million in the same period last year.
The corresponding net income stood at $21 million.