The government sold 131.9 million shares, or 19.8 percent, of CSBC Corp, Taiwan (CSBC, 台灣國際造船) to institutional investors at an average price of NT$13.42 per share yesterday.
The state-run shipbuilder’s initial public offering (IPO) was oversubscribed by 1.45 times, attracting 191.8 million bids for its first round auction, its underwriter, Fubon Securities Co (富邦證券), said.
The Kaohsiung-based shipbuilder will hold its second round of share sales from Monday to Wednesday and is expected to sell 87.9 million shares (13.2 percent) to retail investors, Fubon Securities said.
Yesterday’s share sale attracted bids from major industrial and financial players, including China Steel Corp (中鋼), Taiwan Fertilizer Co (台肥), Fubon Group (富邦集團) and Mega International Commercial Bank Co (兆豐銀行), Fubon Securities said.
The highest bid price was NT$25 per share, which was nearly double the floor price of NT$13.31, while the lowest bid was equal to the floor price, the underwriter said.
As most of the bids offered by institutional investors were equal to the floor price, they were drawn randomly by the computer. In the end, China Steel and its subsidiary garnered 18 million shares, while Fubon and Mega got 5 million and 3.6 million shares respectively.
CSBC’s IPO is part of the government’s plan to privatize the shipbuilder by selling up to a 55 percent stake, or 366.4 million shares, to the public.
CSBC will also offer 119.9 million shares, or an 18 percent stake, to its employees at NT$13.31, the company said last month. CSBC employees can start subscribing to the retail portion of shares on Friday, the company said.
CSBC will start trading on the Taiwan Stock Exchange on Dec. 22. The company was a 99.4 percent government holding with an estimated capital base of NT$6.66 billion. It is the nation’s largest shipbuilder and the first among its local rivals to apply for an IPO.
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