Sino-American raises $177 million from GDR sale

The Taiwanese producer of wafers for solar cells and specialty semiconductors prices the deal at the maximum 10% discount, but is able to increase the number of GDRs on offer by 27%.

Sino-American Silicon Products SAS, a Taiwan manufacturer of wafers and ingots for use in the production of solar cells among other things, has raised $177.2 million from the sale of global depositary receipts after fixing the price at a 10% discount versus the three-day volume-weighted average price VWAP. Ten percent is the maximum discount allowed, although the bookrunners can choose to price over the five-day VWAP, the three-day VWAP or the latest close, which gives them a...

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