ST Assembly completes Singapore's first concurrent offering

The semiconductor test and assembly company raises $230 million from a convertible and placement.

Joint lead managers Deutsche Bank and Morgan Stanley completed a combined convertible and share placement for ST Assembly yesterday Wednesday, with both transactions upsized from $100 million to $115 million. Neither offering marked a particularly straightforward proposition for the leads, given that the stock has massively outperformed the underlying market so far this year and most analysts believe it is overvalued.

Nevertheless, the placement closed three times covered and the convertible 16 times covered, with the two deals able to successfully feed off each other to the benefit of the overall transaction. Together, they will expand the freefloat from 28% to 38% and on full conversion, the holding of government-linked company Singapore...

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