Powerchip raises $440.8 million...

but not without a struggle.

Taiwanese DRAM manufacturer completed a combined equity offering on Friday, raising $150 million from a convertible bond and $290.8 million from a GDR. The transaction proved to be one of the most testing equity deals of the year so far, with very little turning out as planned for joint bookrunners Deutsche Bank and Lehman Brothers.

The overriding stumbling block was the prospective issue size, which would have been ambitious for a second tier electronics company even in the best of market conditions. Splitting the deal into two components made it slightly more digestible. But it was still heavily critisized by outside ECM bankers who thought it irresponsible to push an...

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