Joint bookrunners Citigroup and UBS began formal roadshows on Monday for a government divestment in China Steel. Pricing is scheduled for October 16.
Based on the offer filing and current share price of NT$27, the company will raise a minimum of $590 million and maximum of $980 million. These figures are derived from a base deal size of 820 million shares and leeway to lift the offering by 30% to 943 million shares. With the addition of a greenshoe, this could bring the potential deal size up to 1.225 billion shares. There is a ratio of 20 shares to one GDS unit.
The leads have gone out with a wide...
