Sino-American raises $177 million from GDR sale

Sino-American Silicon Products SAS, a Taiwan manufacturer of wafers and ingots for use in the production of solar cells among other things, has raised $177.2 million from the sale of global depositary receipts after fixing the price at a 10% discount versus the three-day volume-weighted average price VWAP. Ten percent is the maximum discount allowed, although the bookrunners can choose to price over the five-day VWAP, the three-day VWAP or the latest close, which gives them a little bit of flexibility in case the underlying stock moves around a lot.

Indeed, SAS’s common shares that are listed on Taiwan’s over-the-counter GreTai market, hit a volatility rate of 75% during the...