Seoul Semiconductor raises 248 million dollars in capital
Cash raised by Seoul Semiconductor and its affiliate Seoul Optodevice will be used to address increased product demand in the lighting market.
Seoul Semiconductor issued 6.9 million shares at 33.565 dollars per share for a total of $232 million, and Seoul Optodevice issued 2.7 million shares at 5.870 dollars per share for a total of $16 million.
Officials of Seoul Semiconductor and Seoul Optodevice indicate that these funds will be used for addressing increased product demands, due in part to the efficiency improvements and market acceptance of Acriche, the company's AC-driven LED light source. Another factor, says the company, is the patent cross-license agreement with the Nichia Corporation of Japan signed in early 2009 (see News).
This infusion of capital, by Singapore’s sovereign wealth fund, was based on the business potential and growth opportunities for Seoul Semiconductor and Seoul Optodevice in the lighting market-place, say the company's press release, which added, "The ability to easily and quickly address expansion requirements with capital equipment and infrastructure will strengthen Seoul Semiconductor and Seoul Optodevice as a world-leading LED manufacturer."
Seoul Semiconductor has more than 5,000 patents, and as well as Acriche has developed Deep UV LED and Non-Polar LED implementations. The company runs 30 overseas operations, including 3 subsidiaries, and has 114 worldwide distributor locations.