VIA Optronics AG, the German unit of Ayala-led Integrated Micro-Electronics Inc. (IMI), on Monday said it filed a registration statement with the United States Securities and Exchange Commission for its initial public offering at the New York Stock Exchange (NYSE).
VIA will list its American Depositary Shares which will represent the ordinary shares of the company that mainly supplies enhanced display solutions to other companies. The company is 76 percent owned by IMI.
The company said it has yet to determine the number of shares that it will offer to the public. It will be listed at NYSE under the ticker symbol VIAO.
Berenberg will act as sole bookrunning manager for the proposed offering, the company said.
VIA’s has interactive display systems that combine system design, interactive displays, software functionality, cameras and other hardware components, it said.
“VIA’s intellectual property portfolio, process know-how, and optical bonding and metal mesh touch sensor and camera module technologies provide enhanced display solutions that are built to meet the specific needs of its customers,” the company said.
IMI recorded a net loss of $21.5 million in the first half, from $5.78 income last year as revenues dropped 25 percent to $476.17 million, from $635.69 million mainly due to plant shutdowns in various operating regions including the Philippines, China and Mexico where government mandated quarantine protocols were implemented.
The global pandemic led to a 25 percent year-on-year drop in top line sales while margins are likewise challenged with gross profit at $30.5 million equating to a 6.4 percent margin. Reduction of overhead costs by approximately $10 million through streamlining initiatives and government incentives helped mitigate the effects of the extended market softness.