After two days of bookbuilding, Taiwan's Shin Kong Financial Group yesterday priced its first-ever global depositary receipt at a tighter discount than it initially seemed to have hoped for and strong demand also allowed it to increase the offering by 25%. According to a source, the deal size was upsized to $375 million from $300 million, which brings the financial holding company a step closer to its earlier stated equity recapitalisation target of NT$18 billion $550 million.
The price was fixed at a 9.9% discount versus yesterday's closing price of its Taiwan-listed common shares, while the structure in place when the deal was launched after the close of trading on Monday would have...