IMI raises P1.61 B via share sale

MANILA, Philippines - Integrated Micro-Electronics Inc. (IMI) of the Ayala conglomerate has raised P1.61 billion from a recent fundraising to be used mostly to finance capital expenditure and business expansion.

In a disclosure to the local bourse, IMI said it was able to sell 215 million primary common shares at P7.50 apiece through a domestic public offer.

IMI said the offer was oversubscribed and have received very strong support from retail investors.

 “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 percent of the proceeds, will be focused on the company’s global operations in Bulgaria, China, Czech Republic, Mexico and the Philippines,” the Ayala-led firm said.

The shares are scheduled on to be listed on the Philippine Stock Exchange (PSE) on Dec. 5.

IMI said its public float will now increase to 20.7 percent from 10.26 percent prior to the offer, ensuring that the company is well-above minimum public float requirements of the PSE.

BPI Capital Corp. has been tapped as the issue manager, bookrunner and lead underwriter for the offer, while

Investment & Capital Corp. of the Philippines and SB Capital Investment Corp. served as participating underwriters.

BPI Capital was also the advisor for IMI’s listing by way of introduction in 2010.

IMI is one of the largest electronics manufacturing services, power semiconductor assembly and test services company in the world. It operates five manufacturing plants in the Philippines alone.