TSMC prices ADR sale at zero discount

At $2.56 billion, the sell-down by Philips is on par with the largest ever equity deal from Taiwan.

Taiwan Semiconductor Manufacturing Company TSMC has priced its latest ADR offering at par with the most recent close in the US for a total deal size of $2.56 billion after strong demand from both exiting and new investors.

In fact, after an initial dip, the ADR price edged upwards during the roadshow and the premium to the underlying shares in Taiwan actually expanded as the management was able to instil confidence among investors about the improving business outlook of the...

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