Pre-IPO investors raise $59 million from Parade Technologies GDR

Three pre-IPO investors yesterday raised NT$1.76 billion $59 million from a fully marketed sale of global depositary receipts GDRs in Taiwan-listed Parade Technologies. The sale was well below the $120 million talked about at the launch after the underlying share price fell during marketing and the sellers decided not to sell as many shares as initially planned.

The GDRs were all backed by secondary shares, but the deal was supported by the company. Parade, which is a Silicon Valley-based supplier of mixed-signal integrated circuits for computers, consumer electronics and display panels, listed on Taiwan’s GreTai Securities Market in September last year. This was its first chance...