Powerchip prices as ProMos launches

The Taiwanese DRAM manufacturers decide to plough ahead with their GDR deals despite sharp share price corrections.

Under Deutsche Bank's lead, Powerchip completed a 350 million new share offering a day later than scheduled yesterday Thursday, while ProMos Technologies launched roadshows for a 300 million new issue.

Powerchip was particularly unlucky with the timing of its deal since its stock price has dropped from a roughly NT$25 level as roadshows began to NT$17 at yesterday's close. For a sector as cyclical as DRAM, swings of such a magnitude are not uncommon and in this instance, the company was hit by a double whammy since the overall market has also shed over 1,000 points over the past week or so. Most of the 30% downturn in Powership's share...

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