Shin Kong upsizes GDR to $375 million

The deal is priced at a 9.9% discount, which means the issuer is able to cancel the concurrent sale to existing shareholders.

After two days of bookbuilding, Taiwan's Shin Kong Financial Group yesterday priced its first-ever global depositary receipt at a tighter discount than it initially seemed to have hoped for and strong demand also allowed it to increase the offering by 25%. According to a source, the deal size was upsized to $375 million from $300 million, which brings the financial holding company a step closer to its earlier stated equity recapitalisation target of NT$18 billion $550 million.

The...

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