innolux-prices-taiwans-largest-gdr

Innolux prices Taiwan's largest GDR

The underlying stock trades up in the wake of the $1.35 billion offering, which was completed at a tight 2.7% discount.
Taiwan-based Innolux Display Corporation has raised $1.35 billion from its first ever sale of global depositary receipts GDR, which attracted a lot of interest because of the companyÆs unique integrated business model that makes it a sector leader in terms of profitability.

The deal is the largest GDR by a Taiwan issuer, exceeding a $936 million offering by China Steel in October 2003. It is also the largest equity deal by a Taiwanese company this year, aside from the two sell-downs in Taiwan Semiconductor Manufacturing by Royal Philips Electronics in March and May.

The GDR marks the first time Innolux has returned to the equity capital markets since its initial public offering in October...
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