MStar holds year’s largest IPO
MStar Semiconductor Inc (晨星半導體), a Taiwanese IC design house registered in the Cayman Islands, yesterday raised NT$8.4 billion (US$282 million) in the nation’s biggest initial public offering (IPO) this year.
MStar sold 28 million new shares at NT$300 each, according to a statement filed with the Taiwan Stock Exchange (TWSE, 台灣證交所). The Hsinchu-based company offered the stock to investors at between NT$250 and NT$310 a share.
MStar is scheduled to begin trading on the main bourse on Friday.
Goldman Sachs Group Inc and Capital Securities Corp (群益證券) were the underwriters to the issue.
TWSE to begin tweeting
The TWSE said yesterday that it will launch its own Twitter service, a global social networking and microblogging platform, on Monday to provide English--language market information to foreign investors.
In the initial phase of the new service, the stock exchange will provide content comprising English-language captions of the exchange’s news releases with a link to the exchange’s English-language Web site so that Twitter users will be able to gain access to the full details of the news releases.
Hon Hai sells bonds
Hon Hai Precision Industry Co (鴻海精密), the world’s largest contract manufacturer of electronics, sold NT$6 billion in 1.43 percent unsecured bonds due in December 2015, according to data compiled by Bloomberg.
Hon Hai’s board on Dec. 2 approved plans to issue up to NT$12 billion of bonds for working capital and to pay off existing debt. The Taipei-based company’s long-term credit rating is “twAA+” at Taiwan Ratings Corp (中華信評), the second-highest grade.
Hon Hai, which makes iPhones and Hewlett-Packard Co computers, in September sold US$1 billion of three-year convertible bonds as it expands capacity and relocates factories to inland China to cut costs and be closer to its migrant workforce.
First Commercial eyes MOUs
First Commercial Bank’s (第一銀行) board approved the signing of memoranda of understanding (MOU) with Bank of China Ltd (中國銀行) and Bank of Communications Co (交通銀行), its parent company, First Financial Holding Co (第一金控), said in two statements to the stock exchange yesterday.
The agreements for business cooperation need the approval of local regulators before they can be signed, the statements added.
Alcor announces share buyback
Alcor Micro Corp (安國國際) plans to buy back 3 million common shares, the company said in a statement to the stock exchange yesterday.
The company’s board approved a plan to buy back shares at between NT$38.50 and NT$70.00 each from yesterday to Feb. 16, the Taipei-based company said. Shares repurchased from the open market will be transferred to employees, the company added.
NT dollar up against greenback
The New Taiwan dollar rose against the US dollar yesterday, up NT$0.035 to close at NT$30.510.
Turnover totaled US$608 million during the trading session.
Dealers said a rising local bourse lent further support to the NT dollar as foreign institutional investors kept moving funds into the market to pick up select large-cap high-tech stocks.
Buying by foreign banks and exporters, who were betting on further appreciation of the NT dollar, boosted the NT dollar to a 13-year-high during the trade before the central bank intervened in late trade to pare early gains, the dealers said.