AU Optronics, Taiwan’s leading manufacturer of TFT-LCD panels, last night raised $325.6 million from the sale of new American depositary receipts. The deal came after the ADR price had jumped 11.1% to a 52-week high this week and followed the release of first-quarter earnings on Tuesday.
Partly thanks to the jump in the share price, partly in response to the fact that the New York Stock Exchange-listed ADRs aren’t that liquid, the securities were offered at a pretty wide discount and the final price was fixed 10% below the latest close.
However, the deal was initially launched without a price range, which meant that this...
¬ Haymarket Media Limited. All rights reserved.
