Motech completes GDR offer at 2.3% discount

The solar cell manufacturer raises $210.8 million to diversify upstream through a deal that will significantly increase its international ownership.

Solar cell manufacturer Motech Industries has raised $210.8 million from its first ever sale of global depositary receipts after pricing the fully marketed offering at a 2.3% discount to its underlying Taiwan-listed stock.

Motech's share price fell 2.9% on Thursday before the GDR was priced, closing below the NT$400 level for the first time in three-and-a-half months, which at first glance would suggest a lower price for the issuer. However, the bookrunners cleverly tightened the guidance after the local...

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