Thursday, July 1, 2010

MagnaChip Semiconductor Drops IPO Plans

MagnaChip Semiconductor, a designer and manufacturer of analog and mixed-signal semiconductors, said this morning that it is withdrawing its initial public offering. The firm cited "adverse market conditions" for the withdrawal. MagnaChip has its U.S. headquarters in Cupertino, but worldwide headquarters in Seoul, South Korea. Magnachip had filed for an IPO in March, looking to raise up to $250M on the NYSE as an ADR.