First Asian GDRs in four months see good demand

Taiwan’s Hermes Microvision and some of its pre-IPO shareholders raise $292 million, while Korea-listed Kolao and its chairman bring a $150 million deal.
Korea-listed Kolao Holding, the largest distributor of cars and motorcycles in Laos, and its chairman raised $150 million.
Korea-listed Kolao Holding, the largest distributor of cars and motorcycles in Laos, and its chairman raised $150 million.

Two Asian mid-cap companies together with certain of their existing shareholders tapped the equity capital markets at the end of last week to raise a combined $442 million.

Both deals were done through the issuance of global depositary receipts GDR and, aside from adding to the companies’ coffers, they also helped to expand their international shareholder base.

The largest of the two was a $292 million deal in Hermes Microvision, a Taiwan-listed manufacturer of high-end testing equipment for the semiconductor and wafer industries, which hit the market after the close of trading last Thursday.

On the same night, Korea-listed Kolao Holding, the largest distributor...

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