Realtek Semiconductor prices debut GDR

The offering presents a reality check for the heavy Taiwanese pipeline of international equity issuers.

One day later than scheduled, the IC designer and distributor priced a 10.25 million GDS issue yesterday Thursday. With Salomon Smith Barney as sole bookrunner, the deal had to absorb a slight softening in share price and came slightly outside of its indicative range, but succeeded in raising the entire amount projected and in doing so, becomes the largest GDR offering from the Island Republic since Powerchip in October 1999.

With 41 million primary shares and 7.5 million secondary...

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