Inotera raises $418 million in block

The Taiwanese wafer manufacturer priced a GDR sale at the bottom end of the price range, with hedge funds making up the majority of the book.

Inotera Memories raised $418 million in an accelerated block trade on Friday after pricing some 40 million global depository receipts at the bottom end of the range.

The Taiwanese wafer manufacturer a joint venture between Nanya Technology Corp and US semiconductor maker Micron Technology sought to tap equity markets with a GDR sale at a time when its shares are trading at an all-time high.

The GDRs priced at $10.46 each, a 12.7% discount to the May 8 closing price of NT$36.10 $1.20. Books opened at an indicative price range of $10.46 to $10.96 per share, with Credit Suisse and Morgan Stanley active bookrunners...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222