Phoenix Semiconductor Philippines Corp., the local arm of South Korean firm STS Semiconductor, has moved back its listing date on the local stock exchange to December from an original schedule set in November.
Phoenix Semiconductor said that the listing date and commencement of trading of its P1.73 billion initial public offering (IPO) will start on December 1.
For its IPO, the company is set to offer 459.39 million shares, priced P3.76 per stock. The offer period will be on November 10 to 21.
The 459.39 million shares will consist of two 162.38 million common shares for primary and secondary offer, and 134.63 million shares for an oversubscription option.
BDO Capital and Investment Corp. was appointed the lead underwriter and issue manager, according to the company.
The net proceeds of the offer will be used for the acquisition of machinery and production equipment for maintenance and expansion programs; building improvements; and construction of buildings.