gintech-surprises-with-gdr-roadshow

Gintech surprises with GDR roadshow

The solar cell manufacturer could raise about $150 million based on current prices, but bookbuilding will start only if early feedback is positive.

By Anette Jönsson

September 18, 2008

The management of Taiwanese solar cell manufacturer Gintech Energy Corp has embarked on a roadshow with the aim of selling global depositary receipts corresponding to 20% of its existing share capital. Based on yesterdayÆs share price, the company could raise about $150 million.

The timing of the roadshow, which started in Hong Kong on Wednesday, is surprising given the current turmoil in global equity markets and the seeming preference among financial institutions to reduce their market exposure in favour of holding more cash. However, sources say Gintech feels that it has a compelling story, including projections of strong earnings growth for the next 12-18 months, that it is keen to share with international investors as...

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