MagnaChip Semiconductor raises $133 mln in IPO

NEW YORK: Korea-based chipmaker MagnaChip Semiconductor Corp raised $133 million in its initial public offering on Thursday after pricing shares at the bottom of the proposed range.

MagnaChip, which had scrapped two previous plans to go public and filed for Chapter 11 bankruptcy relief in 2009, sold 9.5 million shares for $14 each, a report said.

The company, whose chips are used in flat-panel displays and smartphones, had planned to sell the stock in the form of American depositary shares for $15 to $17 each.