Following bake-offs in San Francisco just over a week ago, Semiconductor Manufacturing International Corp SMIC has mandated two bookrunners for its Hong Kong and New York Stock Exchange listing. The foundry manufacturer has appointed Credit Suisse First Boston and Deutsche Bank for two of the slots and may yet appoint a third bookrunner from a shortlist, which is said to comprise Bear Stearns, Citigroup, JPMorgan, Merrill Lynch and UBS.
The deal is expected to net proceeds of about $750 million and is said to be at least six months away, with most tech specialists expecting an early 2004 listing pending market conditions. But the size of the flotation belies its true...
