Hannstar prices GDR

The Taiwanese TFT-LCD manufacturer offers investors a generous discount in order to maximise the amount of equity it puts on its balance sheet.

Joint bookrunners Credit Suisse First Boston and ING completed a $175 million GDR for Hannstar Display Corp shortly before Taiwan's open yesterday Tuesday. The 23.778 million unit offering was priced at $7.36, representing a 20% discount to the stock's close on Monday. There are 20 shares per GDR.

The transaction was priced at the wide end of a 15% to 20% indicative discount range, but was increased to $175 million from a marketed size of between $100 million and $150 million. On top of this, there is also a $26 million greenshoe.

Observers say that three key aspects stand out. Firstly this is a debut GDR, so the...

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