semiconductors

Taiwan’s Hermes Microvision and some of its pre-IPO shareholders raise $292 million, while Korea-listed Kolao and its chairman bring a $150 million deal.

The deal, which consisted of non-voting preference shares, was upsized by more than 40% and priced at the top of the range for a total deal size of $356 million.

Supported by an investment grade rating from S&P, the Chinese chip maker is able to achieve a zero percent coupon and yield as well as a 35% conversion premium.

The Korean semiconductor company will use the proceeds to redeem its costly existing debt.

More than 95% of the shares are sold by Warburg Pincus, which reduces its stake in the US-listed Chinese semiconductor company to 38%.

The agreement comes after the maker of Aquos TVs nearly doubles its net loss forecast for the year to March, as a strong yen and intense competition roil Japanese electronics makers.

At a 9.3% discount the selling shareholders decide to dispose of fewer shares than initially planned.

The fully marketed deal could raise about $123 million based on the current share price and should help broaden the Taiwan-listed chipmaker’s investor base.

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%.