IMI raises $35.7m for business expansion

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’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 & 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.

Image:Freedigitalphotos.net

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.