UMC's lightening equity strike

The foundry manufacturer launches and closes a $440 million ADR offering within the space of 45 minutes.

In what represents the company's first secondary offering since its listing on the New York Stock Exchange in September 2000, a 47.538 million ADS offering was priced last night Thursday.

With Lehman Brothers as lead manager, the transaction was executed under a particularly rapid time frame with the aim of trying to minimize stock disturbance. Consequently, books were opened at 7.45m New York time and closed twice covered at 8.30am, with allocations completed an hour later.

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