Wintek, the world's fifth largest producer of small LCD screens for mobile phones and PDA's, returned to the GDR market yesterday November 4. A $104.8 million deal represented the company's first international capital markets transaction since November 2002 when it raised $58 million via Nomura.
This time round JPMorgan was lead manager of a 20 million unit deal - one unit equals five shares. The transaction was marketed at $5.12 to $5.41 and priced at $5.24.
This represents an 8% discount to the stock's NT$38 close in Taiwan. At first sight, the discount appears fairly steep.
However, this can...
