Wintek completes GDR

Taiwan''s largest manufacturer of small screens taps the GDR market.

Wintek, the world's fifth largest producer of small LCD screens for mobile phones and PDA's, returned to the GDR market yesterday November 4. A $104.8 million deal represented the company's first international capital markets transaction since November 2002 when it raised $58 million via Nomura.

This time round JPMorgan was lead manager of a 20 million unit deal - one unit equals five shares. The transaction was marketed at $5.12 to $5.41 and priced at $5.24.

This represents an 8% discount to the stock's NT$38 close in Taiwan. At first sight, the discount appears fairly steep.

However, this can...

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