IMI raises P1.6-B from public offer


Posted at Dec 01 2014 01:32 PM | Updated as of Dec 02 2014 01:49 AM

MANILA – Integrated Micro-Electronics Inc. (IMI) has successfully raised P1.6 billion through a public offering of 215 million primary common shares at P7.50 per share.

The electronics manufacturing firm said the offer was oversubscribed, receiving “very strong support from retail investors.”

IMI will use the proceeds of the fund-raising activity 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 firm said in a disclosure to the Philippine Stock Exchange.

After the offer, IMI’s public float will increase from 10.26 percent to 20.70 percent, which ensures that IMI is well-above minimum public float requirements.

The listing date for the offer shares is scheduled on December 5.

BPI Capital Corporation served as the issue manager, bookrunner and lead underwriter for the offer while Investment & Capital Corporation of the Philippines and SB Capital Investment Corporation are participating underwriters.

IMI, which was established in 1980, is the world’s eighth largest automotive electronic manufacturing services company in terms of revenues with over 15,000 employees worldwide.