In what also represents the largest ever international equity offering from Taiwan, United Microelectronics Corp UMC raised $1.3 billion this Monday on the pricing of its debut ADR. Behind fellow foundry manufacturer Taiwan Semiconductor Manufacturing Company TSMC, the company becomes the second from the Island Republic to obtain an NYSE listing and does so after pulling back from issuing earlier this summer when market conditions were also poor.
Although the company managed to maintain a stable share price in the immediate run-up to pricing, the overall market remained under pressure, leading bookrunner Morgan Stanley Dean Witter to adopt a cautious approach to syndicating a book that...
