TSMC completes ADR

The Taiwanese government seeks out new investors to complete an $871 million trade in Taiwan Semiconductor Manufacturing Company (TSMC).

After a four-day bookbuild, an increased 52 million ADR offering was completed after Thursday's close in New York, with observers reporting an oversubscription level of about 1.6 times. At a time when many Taiwanese issuers have had to marginally trim expectations to meet a demanding investor base, the government was felt to have scored a solid success.

Unsurprisingly most of the demand derived from US investors estimated to represent 85% and the ADR premium to the underlying stock contracted sharply the day ahead of pricing 42% to 35%. More surprising, was the number of new investors lead manager Goldman Sachs is said to have attracted. Indeed some syndicate members reported that a number of...

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