taiwans-wintek-completes-first-gdr-since-2004

Taiwan's Wintek completes first GDR since 2004

The manufacturer of mobile phone screens raises $120 million at a 6.4% discount on the back of positive third-quarter earnings.
Wintek, which makes display screens for mobile phones and digital cameras among other things, has raised $120 million from a marketed follow-on sale of global depositary receipts GDR that was priced in the early hours of Wednesday morning.

This was the companyÆs first GDR sale since November 2004 and came after a better-than-expected third-quarter earnings report, which suggested that the business has turned a corner following the losses in the first half. However, sources say investors werenÆt entirely convinced yet that the performance will be sustainable and therefore demanded a fairly significant discount. The fact that the share price has risen 67% from a low in early May likely also played a role here and...
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