PROMos returns to GDR market

DRAM manufacturer takes advantage of soaring share price to raise funds for new 12" fab.

PROMos Technolgies raised $271.3 million from a 57.5 million GDR issue yesterday Monday via JPMorgan and joint global co-ordinator ABN AMRO. The all new share deal was priced at $4.72 per GDS. This represents a 9.7% discount to the stock's NT$17.4 close and a 13% dilution to existing investors.

The discount is relatively steep in comparison to Taiwanese GDR issues priced during the fourth quarter of last year. However, the issue size is...

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