The first straight equity deal of the year from Taiwan was priced last night Tuesday as Hannstar Display Corp raised $263.9 million from a GDR offering.
UBS led the 35 million unit deal, which equated to 700 million new shares. There is also a five million unit greenshoe. Having marketed the deal at a discount range of 0% to 8%, pricing came in a $7.54, representing a 5.9% discount to the stock's NT$13.50 spot close.
Year-to-date the stock is up 4% and has risen 0.5% since the lead opened the order book last Wednesday. On the day of pricing, however, it fell 1.1% and has underperformed the overall sector, which...
