AU Optronics raises $325 million from ADR sale

The deal came after a sharp bounce in the share price and was priced at a 10% discount before the start of the US trading session last night.
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AU Optronics: Taiwan’s leading manufacturer of TFT-LCD panels</div>
<div style="text-align: left;"> AU Optronics: Taiwan’s leading manufacturer of TFT-LCD panels</div>

AU Optronics, Taiwan’s leading manufacturer of TFT-LCD panels, last night raised $325.6 million from the sale of new American depositary receipts. The deal came after the ADR price had jumped 11.1% to a 52-week high this week and followed the release of first-quarter earnings on Tuesday.

Partly thanks to the jump in the share price, partly in response to the fact that the New York Stock Exchange-listed ADRs aren’t that liquid, the securities were offered at a pretty wide discount and the final price was fixed 10% below the latest close.

However, the deal was initially launched without a price range, which meant that this...

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