NEW YORK (AP) -- Shares of semiconductor maker MagnaChip Semiconductor Corp. are rising in their market debut after the initial public offering priced below the expected range.
MagnaChip shares had priced for $14 apiece, below the $15 to $17 range the company had predicted. The IPO of 9.5 million shares raised $133 million in all. But the chip maker's proceeds from the offering total just $12.4 million after underwriting expenses. Stockholders sold the bulk of the shares in the IPO.
MagnaChip is headquartered in Luxembourg, but its operations are in South Korea and Japan. Its chips are used in flat-panel displays found on consumer products such as PCs, TVs and mobile devices.
The chip maker's stock added 32 cents, or 2.3 percent, to $14.32 in morning trading on the New York Stock Exchange.
MagnaChip shares had priced for $14 apiece, below the $15 to $17 range the company had predicted. The IPO of 9.5 million shares raised $133 million in all. But the chip maker's proceeds from the offering total just $12.4 million after underwriting expenses. Stockholders sold the bulk of the shares in the IPO.
MagnaChip is headquartered in Luxembourg, but its operations are in South Korea and Japan. Its chips are used in flat-panel displays found on consumer products such as PCs, TVs and mobile devices.
The chip maker's stock added 32 cents, or 2.3 percent, to $14.32 in morning trading on the New York Stock Exchange.