Asat plans to raise up to $250 million in Nasdaq IPO

Semiconductor packaging company Asat plans to go ahead with a $250 million Nasdaq IPO. Shares of 50% shareholder QPL have fallen over the past few weeks on speculation the listing had been postponed.

Asat, the world's third-biggest independent semiconductor packaging and testing company, plans to raise up to $250 million in an initial share offering on Nasdaq. The funds will be used to expand its facilities in response to a booming semiconductor market, says lead manager Salomon Smith Barney.

Hong Kong-based Asat will begin an extended roadshow 19 June to promote the offering. The team will start off in Hong Kong before moving to Singapore, the US and Europe. The offering is being underwritten by Salomon Smith Barney, Donaldson Lufkin Jenrette and Chase HQ. The company plans to set a price range tomorrow in a filing with the US Securities and Exchange Commission. It ...

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