Nanya moves forward with secondary offering

In what is becoming a rare event for Taiwan, DRAM and Flash memory manufacturer Nanya Technology will close out an NT$10 billion ($290.5 million) secondary offering by the end of this month.

The company had previously planned to sell the shares at around NT$27, but as its stock has fallen in line with spot prices for DRAM over the past few months, it had to adjust its price to NT$20.

Companies are increasingly spurring the Taiwan market for raising cash, in part because of the exchange's poor performance this year, but also because the government actively encourages established companies to raise money internationally by setting stricter criteria for secondary offerings than for an IPO. Companies with investments in China, for example, are encouraged to go to the international markets for their cash-raising needs.

In the first six months of this year secondary share...

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