MANILA, Philippines - Ayala-led Integrated Microelectronics Inc. (IMI) formally listed 1.137 billion common shares in the Philippine Stock Exchange by way of introduction as it gears up for future acquisition and expansion plans amid recovering global appetite for electronics.
The listing price for the shares was pegged at P6.24 apiece. IMI was the first company to list in the local market this year.
Listing by way of introduction allows IMI shares to be listed and traded in the bourse without raising capital through an initial public offering (IPO). But under the rules, the company must conduct an IPO within 12 months from the listing date.
Jaime Augusto Zobel de Ayala, chairman of IMI's parent firm Ayala Corp., said the subsidiary was in no hurry to launch an IPO.
"In terms of financials, we're very conservative. As of now, we don't need additional funds," he said.
IMI is an electronics manufacturing services (EMS) firm with manufacturing sites in the Philippines, China, Singapore and California.
It established a global footprint in 2005 when it acquired the assets of Saturn Electronics and Engineering Inc. in the US and merged with Singapore-based EMS provider Speedy-Tech Electronics Ltd.
IMI president Arthur Tan said the company wants to expand into the renewable energy sector and engage in the manufacturing of solar panels and other related technology.
"We plan on scaling beyond what we have now, and listing provides us flexibility to finance those plans in the future," he said.
"Our background has allowed us to resdign and develop inverter technology to create next-generation solar panels. We ventured here to show partners of choice that we can co-own and co-design products with them," Tan added.
IMI chief finance officer Sherisa Nuesa said the company has allotted about $10 million in capital expenditures for 2010, double last year's budget. She declined to mention how the capex would be financed, saying instead that this does not yet include any acquisition costs.