AU Optronics prices ADR

The electronics company becomes the fourth Taiwanese company to list on the New York Stock Exchange.

Taiwan's largest producer of electronic flat screen panels priced its debut ADR yesterday Thursday. With Salomon Smith Barney as lead manager, the company issued 500 million primary shares via a 50 million unit deal that priced at $11.57 to raise $578.5 million pre-greenshoe. The shoe for the deal, which represents 17% of the issued share capital, potentially bring a further seven million units.

The most significant aspect of the offering was the discount to spot, which was marketed under a range of parity to a 7% discount and came in at a 4.8% discount. On the surface, this might seem a disappointment to AU since it has had to considerably scale back its expectations...

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