MagnaChip Cancels IPO

MagnaChip Semiconductor LLC, a South Korean maker of analog and mixed-signal semiconductor products for high-volume consumer applications, has withdrawn registration for a $575 million IPO, citing “unfavorable market conditions.” It had planned to trade on the NYSE, with Goldman Sachs, UBS and Credit Suisse serving as co-lead underwriters.


The company was formed in 2004, via the $828.2 million carve-out of Hynix Semiconductor’s non-memory semiconductor operations, by Citigroup Venture Capital, CVC Asia Pacific Ltd. and Francisco Partners.