motech-completes-gdr-offer-at-23-discount

Motech completes GDR offer at 2.3% discount

The solar cell manufacturer raises $210.8 million to diversify upstream through a deal that will significantly increase its international ownership.
Solar cell manufacturer Motech Industries has raised $210.8 million from its first ever sale of global depositary receipts after pricing the fully marketed offering at a 2.3% discount to its underlying Taiwan-listed stock.

Motech's share price fell 2.9% on Thursday before the GDR was priced, closing below the NT$400 level for the first time in three-and-a-half months, which at first glance would suggest a lower price for the issuer. However, the bookrunners cleverly tightened the guidance after the local close to incorporate a slightly higher absolute price range as initially envisaged.

Credit Suisse and Morgan Stanley, which jointly led the deal, told investors on Wednesday about their intention to price the deal at a...
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