LG.Philips files for $1.4 b IPO in NY

SEOUL: G.Philips LCD, the world's second-largest flat screen maker, plans a 1.63 trillion won ($1.42 billion) share sale in July in Seoul and New York, South Korea's top financial regulator said.

The stock offer has been reduced by a third from the 2.3 trillion won the flat screen maker originally aimed to raise as prices of flat screens have fallen and stock markets remain weak.

LG.Philips LCD plans to sell 1.27 trillion won shares in New York and 360 billion won in Seoul, South Korea's Financial Supervisory Service said in a statement.

© Reuters