Taiwan's largest producer of electronic flat screen panels priced its debut ADR yesterday Thursday. With Salomon Smith Barney as lead manager, the company issued 500 million primary shares via a 50 million unit deal that priced at $11.57 to raise $578.5 million pre-greenshoe. The shoe for the deal, which represents 17% of the issued share capital, potentially bring a further seven million units.
The most significant aspect of the offering was the discount to spot, which was marketed under a range of parity to a 7% discount and came in at a 4.8% discount. On the surface, this might seem a disappointment to AU since it has had to considerably scale back its expectations...
