Power management chip designer Integrated Memory Logic Ltd (IML), headquartered in Campbell, California, is expected to raise about NT$1.45 billion (US$4.52 million) from its initial public offering today, marking the largest amount this year, IML underwriter Yuanta Securities (元大證券) said yesterday.
IML will become the first overseas firm to launch its IPO on the nation’s main bourse. Due to excessive subscriptions, IML plans to offer a combination of 10.12 million new and existing common shares at an issue price of NT$143 per share, the underwriter said.
IML, which designs power management chips used in LCD panels, expanded revenues by 37 percent year-on-year to US$20.1 million in the first quarter of this year, Yuanta Securities said in a statement.
It did not provide comparative figures.
Gross margin stood at 56.4 percent last quarter, IML told investors.
Gross margin rose to 54.3 percent last year, from 50.6 percent in 2008, the company’s financial statement showed.
IML supplies power management chips to South Korean LCD panel makers Samsung Electronics Co and LG Display Co Ltd as well as Taiwan’s AU Optronics Corp (友達光電) and Chimei Innolux Corp (奇美電子), among many others.
Last year, IML’s revenues jumped 62 percent to US$75.8 million from US$46.9 million in 2008, the company said. Some 57 percent of last year’s revenues came from power management chips used in LCD TV panels.
This year, IML is expected to grow its revenues by 27 percent year-on-year to NT$3.08 billion, according to a forecast by Yuanta Securities analyst George Chang (張家麒). Net profits are expected to grow 11 percent to around NT$639 million.
IML said it planned to set up a research and development center in Hsinchu after operating R&D centers in Silicon Valley, Seoul and Shanghai.
IML has worked with other chipmakers including Taiwan’s United Microelectronics Corp (UMC, 聯電) and Vanguard International Semiconductor Corp (世界先進).
Shares of IML’s local rivals Richtek Technology Corp (立錡) and Global Mixed-Mode Technology Inc (致新) fell by 0.68 percent and 1.78 percent to NT$292.5 and NT$165.50 respectively, yesterday.
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