Gintech Energy Corp on Tuesday raised $53 million from the sale of global depositary receipts, becoming the first Asian issuer to sell GDRs this year and the first to make use of new Taiwanese regulations allowing equity follow-ons to be priced at a wider discount than 10%.
The Taiwanese solar cell manufacturer did an international roadshow in September last year, but the market collapse following the Lehman Brothers bankruptcy made it impossible to launch a deal at the time and the company had been waiting to issue ever since.
A window finally opened up a few weeks ago when the Taiwanese regulator changed its rules to allow the maximum discount on follow-ons to be...
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