IMI unit applies to list at New York stock market

A subsidiary of Ayala-led Integrated Micro-Electronics, Inc. (IMI) is planning to list at the New York Stock Exchange through an initial public offering.

In a disclosure on the Philippine Stock Exchange on Monday, IMI said its unit VIA optronics AG has filed a registration statement with the US Securities and Exchange Commission last week.

The company wants to do an initial public offering of its American Depositary Shares representing ordinary shares in its capital. The amount of shares and the offer price for each have not been finalized as of Monday.

American Depositary Shares are shares in non-US companies that may be bought by US investors.

VIA has tapped Berenberg Bank as its sole bookrunner for the offering. When the plan proceeds, its shares will be listed under the ticker symbol “VIAO”.

Prior to Monday’s disclosure, an article attributed to Renaissance Capital has been posted on the Nasdaq Stock Market’s website last Friday, claiming VIA intends to raise $100 million from the proposed offering. IMI did not verify this claim when confirmed by BusinessWorld.

VIA is a supplier of display solutions based in Germany and is 76.01%-owned by IMI. Together with STI, Ltd., the two companies booked a combined revenue of $109 million in the first semester, as VIA recorded a 47% growth in quarter-on-quarter sales.

IMI swung to a $21.53 million net loss during the period, reversing its net profit of $5.78 million the previous year, due to operational and trade disruptions brought by the coronavirus pandemic.

The company is a provider of electronic products to automotive, industrial and aerospace industries, with manufacturing plants in the Philippines, China, Bulgaria, Czech Republic, Germany, Japan, Mexico, Serbia, United Kingdom, and the United States.

Shares in IMI at the Philippine Stock Exchange gained 47 centavos or 8.82% to close at P5.80 each on Monday. — Denise A. Valdez|BusinessWorld

Source: Peso Economics