TSMC in record breaking equity deal

Taiwan Development Fund and Philips work together for first time to bring TSMC''s largest equity deal to date.

Founding shareholders, Royal Philips Electronics NV and the Taiwan Development Fund, raised $1.304 billion selling a 3.1% stake in TSMC after Thursday's close in New York. Under the lead management of Goldman Sachs and JPMorgan, the two sold 151.655 million ADR units at $8.60 each. There is also a 22.745 million greenshoe that could bump total deal proceeds up to $1.499 billion.

At $8.60 per unit, the deal was priced at a 0.6% discount to the ADR's spot close and a 1.5% premium to the local share price.

Following a one-week roadshow, the order book closed about two times covered, with participation by roughly 150...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222