Chi Mei prices debut GDR

The largest tech GDR of the year achieves the tightest discount.

Sole bookrunner JPMorgan priced a debut GDR for Taiwanese TFT-LCD manufacturer Chi Mei Optoelectronics yesterday Tuesday at a relatively slim 4.2% discount to the stock's NT$45.1 close.

Raising proceeds of $573.3 million, the company sold 450 million primary shares, the maximum number it had filed for. With the inclusion of greenshoe for 50 million secondary shares, the overall deal size could be bumped up to $637 million.

Based on a ratio of 10 shares per GDS unit, some 45 million GDS units were sold at $12.74 each. Co-managers were BNP Paribas Peregrine and KGI Securities.

Daiwa also acted as lead manager of a POWL Public Offer...

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