China Steel GDR upsized to $743 million

Together with a 10% tranche of common shares sold to employees, the Taiwan steel manufacturer raises a total of $826 million.
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China Steel Corp is Taiwan's biggest steelmaker
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<div style="text-align: left;"> China Steel Corp is Taiwan's biggest steelmaker </div>

China Steel Corp, Taiwan’s biggest steelmaker, has raised $743.5 million from a sale of global depositary receipts that was upsized by 8% due to good demand.

The deal was flagged through a regulatory filing in June and many investors had stopped buying the shares in the market while waiting for it to be launched. The share price had also come off after the stock went ex-dividend on Monday last week, but China Steel still chose to go ahead after it met with investors during a three-day roadshow last week. One source said the company was able to take advantage of a rotation out of technology stocks in Taiwan, which is...

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