IMI subsidiary VIA to list at the NYSE

IMI subsidiary VIA to list at the NYSE 1

VIA optronics AG a subsidiary of Integrated Micro-Electronics, Inc. (IMI) is planning to list at the New York Stock Exchange through an initial public offering.

Ayala-led company IMI said in a disclosure on the Philippine Stock Exchange on Monday, that its unit VIA optronics AG has filed a registration statement with the US Securities and Exchange Commission last week.

The company wants to do an initial public offering of its American Depositary Shares representing ordinary shares in its capital. The number of shares and the offer price for each have not been finalized as of Monday.

VIA has tapped Berenberg Bank as its sole book-runner for the offering. When the plan proceeds, its shares will be listed under the ticker symbol “VIAO”.

VIA is a supplier of display solutions based in Germany and is 76.01%-owned by IMI. Together with STI, Ltd., the two companies booked a combined revenue of $109 million in the first semester, as VIA recorded a 47% growth in quarter-on-quarter sales.

IMI swung to a $21.53 million net loss during the period, reversing its net profit of $5.78 million the previous year, due to operational and trade disruptions brought by the coronavirus pandemic.

The company is a provider of electronic products to automotive, industrial and aerospace industries, with manufacturing plants in the Philippines, China, Bulgaria, Czech Republic, Germany, Japan, Mexico, Serbia, United Kingdom, and the United States.

Source: BusinessWorld

Integrated Micro-Electronics, Inc. is listed at the Philippine Stock Exchange as $IMI.

-StockBytes PH, September 8, 2020.

*The owner of StockBytes PH is a licensed stockbroker, contact us if you want to open a broker-assisted or online account. Contact us/Services.

Ready to start your financial journey? email us at [email protected] or follow us on Facebook and Twitter.