Clark-based Korean firm readies IPO

MANILA, Philippines–Phoenix Semiconductor Philippines Corp. (PSPC), a Korean-owned semiconductor outsourced manufacturer based in the Clark Freeport in Pampanga, plans to debut on the local stock exchange and sell as much as P2.66 billion worth of shares.

The Securities and Exchange Commission (SEC) has approved its initial public offering (IPO). The plan is to offer to the public 706.82 million shares at maximum price of P3.76 a share and list the shares on the first board of the Philippine Stock Exchange, bringing 25 percent of the company to public hands.

Of the offer shares, 287.093 million common shares, or P1.08 billion, will be in the form of primary shares while about the same amount (287.093 million shares) will consist of secondary shares to be placed out by existing shareholders. There will be an oversubscription option of 134.63 million shares.

BDO Capital and Investment Corp. was mandated as the issue manager and underwriter.

Proceeds from the primary offering are expected to be used for the expansion of PSPC’s machinery and production equipment and improvements in its facility this year and in 2015.–Doris C. Dumlao