new-rules-enable-gintech-to-complete-gdr-sale

New rules enable Gintech to complete GDR sale

Six months after the roadshow, the Taiwanese solar cell manufacturer finally raises some equity capital, but the sharp drop in its share price and a 19% discount means it has to settle for one-third of the initial target.

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...

¬ 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 subscription (2-5 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 subscription (2-5 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