NEW YORK (TheStreet) --MagnaChip Semiconductor has withdrawn its initial public offering citing "adverse market conditions."
The Korean chip maker had hoped to raise roughly $124 million this week in an IPO of 1.5 million shares at a range of $15.50 to $17.50 a share. The estimated proceeds were less than half of what MagnaChip anticipated in March, the
The proceeds would have mostly gone to employee bonuses and for general corporate needs.
Stakeholders that were offering up their shares had included investment firm
MagnaChip filed in March to raise up to $250 million. It was proposed at the time that it would trade on the New York Stock Exchange under symbol "MX."
The company filed for bankruptcy in 2009.
-- Reported by Andrea Tse in New York
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