PROMos returns to GDR market

DRAM manufacturer takes advantage of soaring share price to raise funds for new 12" fab.

PROMos Technolgies raised $271.3 million from a 57.5 million GDR issue yesterday Monday via JPMorgan and joint global co-ordinator ABN AMRO. The all new share deal was priced at $4.72 per GDS. This represents a 9.7% discount to the stock's NT$17.4 close and a 13% dilution to existing investors.

The discount is relatively steep in comparison to Taiwanese GDR issues priced during the fourth quarter of last year. However, the issue size is correspondingly large for the DRAM sector and the stock has had a very good run so far this year. Based on a 15-day average, for example, the discount is a much tighter 1%.

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