Roadshows for UMC's United Microelectronics Corp keenly watched debut ADR began at this week, with pricing under lead manager Morgan Stanley Dean Witter scheduled for Monday September 18. The company is offering 450 million shares on a five for one basis, equating to 90 millions ADS units, with the addition of a two million share greenshoe.
Joint lead is Credit Suisse First Boston, with ABN AMRO, Donaldson Lufkin Jenrette DLJ, ING Barings and Lehman Brothers as co-leads.
Indicative pricing has been pitched at a 10% to 20% premium to underlying shares, a lower than expected range considering that fellow IC foundry producer TSMC Taiwan Semiconductor Manufacturing Company has averaged a...
