Far EasTone debuts in DR market

Taiwanese cellular company completes debut GDR.

Far EasTone FET raised $115 million yesterday Tuesday after pricing a 130 million share deal at a relatively aggressive 3% discount to a spot close of NT$30.4.

Goldman Sachs led the secondary share offering, which was designed to increase the company's freefloat following its recent acquisition of KG Telecommunications, the country's fourth largest cellular operator. The company offered 8.7 million GDRs pre shoe, with a ratio of 15 shares per unit.

The company has been in pre-marketing since last week and was scheduled to embark on a one-week roadshow today. However, the lead decided to take advantage of a stronger market tone and the...

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