Wafer thin demand for CSMC

Chinese chipmaker finally completes IPO.

CSMC Technologies completed a 621 million share deal on Friday, raising HK$310.5 million $39.8 million after pricing the offering at the bottom of its HK$0.50 to HK$0.54 indicative range. Citigroup was lead manager of the deal, which may get bumped up to HK$357.07 million $45.7 million if the greenshoe is exercised.

The IPO had been re-launched one week earlier after failing to clear the market in June when investors refused to support a price range of HK$0.73 to HK$1.10. In the interim period, sentiment towards the semiconductor industry has not picked up. However, the company decided to re-launch the deal since its listing application is...

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