MagnaChip IPO to raise US$700m

SEOUL: MagnaChip Semiconductor LLC, the South Korean chipmaker that was bought by two Citigroup Inc buyout funds last year, plans a US$700mil initial public offering in the United States next year to finance expansion and reduce debt. 

MagnaChip, which makes chips used in mobile phones and flat panel displays, would probably go public on the Nasdaq market in the second half of 2006, said chief financial officer Robert Krakauer. The sale of new and existing stock would raise US$500mil to US$700mil, he said.