New rules enable Gintech to complete GDR sale

Six months after the roadshow, the Taiwanese solar cell manufacturer finally raises some equity capital, but the sharp drop in its share price and a 19% discount means it has to settle for one-third of the initial target.

Gintech Energy Corp on Tuesday raised $53 million from the sale of global depositary receipts, becoming the first Asian issuer to sell GDRs this year and the first to make use of new Taiwanese regulations allowing equity follow-ons to be priced at a wider discount than 10%.

The Taiwanese solar cell manufacturer did an international roadshow in September last year, but the market collapse following the Lehman Brothers bankruptcy made it impossible to launch a deal at the time...

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