<article>Philippine-based electronics manufacturing service provider Integrated Micro-Electronics Inc. (IMI) is firming up plans for global business expansion after raising $35.7 million (P1.6 billion) through a five-day domestic public offering of primary common shares, the company said.</article>

Philippine-based electronics manufacturing service provider Integrated Micro-Electronics Inc. (IMI) is firming up plans for global business expansion after raising $35.7 million (P1.6 billion) through a five-day domestic public offering of primary common shares, the company said.
The Ayala-led company, in a disclosure to the Philippine Stock Exchange, said it had launched its domestic public offering on last week with an estimation of total share value of $98.3 million (P2.2 billion), and it ended its offer for 215 million primary common shares at P7.50 apiece on Friday.
IMI said the offer was oversubscribed, having received very strong support from retail investors.
According to IMI, the proceeds will be used primarily for capital expenditure, business expansion, refinancing of debt and general corporate purposes. Capital expenditure and business expansion, which accounts for around 70% of the proceeds, will be focused on the company’s global operations in Bulgaria, China, Czech Republic, Mexico and the Philippines.
After the share offer, the company&#8217;s public float will increase from 10.26% to 20.70% ensuring that IMI is well-above minimum public float requirements. The listing date for the offered shares is scheduled on December 5, 2014.
BPI Capital Corporation (BPI Capital) is the Issue Manager, Bookrunner and Lead Underwriter for the Offer; Investment &amp; Capital Corporation of the Philippines (ICCP) and SB Capital Investment Corporation are Participating Underwriters. BPI Capital was also the advisor for IMI’s listing by way of introduction in 2010.
Established in 1980, IMI is rated as the world’s eighth largest automotive electronics manufacturing services company in terms of revenues.
As of July 2014, IMI had a total manufacturing space of about 223,000 square meters in seven countries, with over 15,000 employees worldwide.
IMI also claimed a surge in its consolidated revenues for the first nine months of 2014 thanks to the company’s communication and automotive businesses, which contributed 70 percent of its growth.
It posted revenues of $650.1 million for the first three quarters, rising by 19% from $547.1 million in the same period in 2013. The corresponding net income was $21.0 million.
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IMI raises $35.7m for business expansion

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IMI raises $35.7m for business expansion

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