Asat, the world's third-biggest independent semiconductor packaging and testing company, hopes to raise up to $280 million in its initial offering of 20 million American depositary shares ADS on Nasdaq, according to lead-manager Salomon Smith Barney.
The company aims to sell each ADS for between $11 and $14. Each ADS will represent five underlying Asat shares. An additional 3 million ADS are being set aside for an overallotment option. If the ADS are sold at the top end of the range and the overallotment option is exercised, the company could raise as much as $364 million. It plans to use about half the money to pay back debt, the underwriters say. It will use...
