IMI unit sets $20M fund-raising

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    Via Optronics AG, the German subsidiary of Philippine Stock Exchange-listed Integrated Microelectronics Inc., is looking to raise $20 million from the issue of American Depository Receipt (ADR) on top of what it can raise from the same ADR’s public offer in the US.

    The company said one of its commercial partners, Corning Research & Development Corp., has agreed to purchase the ADR “in a separate concurrent private placement” that will be completed “shortly after the completion” of the ADR offer.

    Last week, IMI said Via Optornics has filed for a listing of its ADRs in NASDAQ. The company has yet to finalize the details offer that is facilitated by Berenberg Capital Markets LLC as bookrunning manager.

    The company, however, has paid for a registration fee that covers as much as $100 million ADRs, which the company said is “the proposed aggregate offering.”