Hannstar brings first TFT-LCD deal of 2004

Group incorporates long lock-up to show that it will not make multiple cash calls during 2004.

The first straight equity deal of the year from Taiwan was priced last night Tuesday as Hannstar Display Corp raised $263.9 million from a GDR offering.

UBS led the 35 million unit deal, which equated to 700 million new shares. There is also a five million unit greenshoe. Having marketed the deal at a discount range of 0% to 8%, pricing came in a $7.54, representing a 5.9% discount to the stock's NT$13.50 spot close.

Year-to-date the stock is up 4% and has risen 0.5% since the lead opened the order book last Wednesday. On the day of pricing, however, it fell 1.1% and has underperformed the overall sector, which...

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