China Steel completes GDR

Taiwan''s largest GDR completed at a tighter than expected discount.

The Taiwanese government scored a second success with its privatization programme yesterday Thursday following the pricing of a 1.1 billion share issue for China Steel.

Mirroring a strategy used to success with Chunghwa Telecom earlier this summer, joint leads Citigroup and UBS plus Nomura went out with a wide discount range in a bid to build momentum and progressively drive pricing in. Any they succeeded after the transaction was priced at a tight 3% discount to the stock's NT$27.20 close.

Raising $815 million pre greenshoe, a 52.4 million unit deal was priced at $15.56. This also represented a 1.5% discount to the existing GDR.

The offering has...

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