MANILA, Dec. 1 (PNA) — Integrated Micro-Electronics, Inc. (IMI) of the Ayala group successfully raised Php1.6 billion from the public offering and issuance of 215 million primary common shares at Php7.50 per share.
“The offer was oversubscribed, having received very strong support from retail investors,” IMI told the local bourse.
The world’s leading electronics manufacturing services company said it will use the proceeds of the offering mainly to finance capital expenditure and business expansion.
It will be focused on its operations in Bulgaria, China, Czech Republic, Mexico and the Philippines.
IMI said it will utilize the remainder of the proceeds to refinance debt and for general corporate purposes.
After the offer, IMI’s public float will increase from 10.26 percent to 20.70 percent, ensuring that IMI is well-above minimum public float requirements.
The listing date for the offer shares is scheduled on Dec. 5.
BPI Capital Corp. is the issue manager, bookrunner and lead underwriter for the offer while Investment & Capital Corporation of the Philippines (ICCP) and SB Capital Investment Corp. are participating underwriters. (PNA)