Ayala’s IMI completes maiden share sale

MANILA, Philippines - After a three year of delay, Integrated Micro-Electronics Inc. (IMI) of the Ayala conglomerate has finally completed its maiden share sale.

IMI listed yesterday on the Philippine Stock Exchange its 215 million common shares which were offered at a price of P7.50 each.  The stock finished trading yesterday slightly lower at P7.46.

“We’re very proud to have completed our offer successfully, especially with strong interest and support from the investment community,” IMI president and chief executive officer Arthur Tan said.

IMI was able to raise P1.61 billion from the fundraising activity. Majority of the amount raised will be used to fund its capital expenditure and business expansion.

 “IMI has come a long way since its listing by way of introduction in 2010. In the past four years, its operations and revenues have steadily increased, boosting its position as a global manufacturing pillar for the Ayala Group,” IMI chairman Jaime Augusto Zobel de Ayala said.

IMI was supposed to have made a public offering a year after its listing by way of introduction at the PSE in 2010. The follow-on offering was a post-listing requirement of the stock exchange.

 “At that time, the world economic market was not very favorable and we really didn’t need any additional capital that time. We have enough cash flow to operate the company so we opted not to follow on with the IPO until this year,” Tan said.

Tan said the market has been much more favorable this year, pushing the company to capitalize and finally proceed with the long-delayed offering.

IMI’s public float has now increased to 20.7 percent from 10.26 percent prior to the offer.

IMI is one of the largest electronics manufacturing services, power semiconductor assembly and test services company in the world.

Its nine-month revenues expanded 19 percent to $650.1 million, resulting in a net income of $21 million as of end-September.

Tan said IMI as a company will continue to stay relevant in the years ahead as “it plays in an industry that has become an intrinsic, and driving, part of the global economy.”

“We are very much aligned with the global megatrends and we participate in shaping the future,” he said.