Silicon wafer supplier GlobalWafers Co (環球晶圓) has issued the highest amount of global depositary shares (GDS) released by a listed company in more than three years.
The company yesterday said it raised US$469 million in less than one month through GDS sales, the largest such overseas fundraising activity by a local company since November 2013.
The company said it has issued 68 million GDS, each one representing one GlobalWafers common share at US$6.9, or NT$210.
The issue price represented a 5.6 percent discount on the company’s closing price of NT$222.5 on the local over-the-counter (OTC) market on Thursday.
After the announcement, shares in GlobalWafers gained 0.67 percent to close at NT$224.00 with 10.24 million shares changing hands on the OTC market.
The Taipei Exchange index gained 0.51 percent to 131.34 points.
While global financial markets are concerned about geopolitical issues, foreign investors rushed to subscribe to the GDS, the company said.
GlobalWafers is planning to use the proceeds to repay bank loans taken out to acquire US-based SunEdison Semiconductor Ltd last year.
GlobalWafers chief executive officer and chairwoman Doris Hsu (徐秀蘭) said the fundraising is expected to bolster the firm’s financial flexibility, improve its shareholder structure and boost global visibility.
Nomura International (Hong Kong) Ltd served as the joint global coordinator of the GDS sale with Citigroup Global Markets Ltd as the joint bookrunner. The GDS has been listed in Luxembourg.
In December last year, GlobalWafers completed a deal to acquire SunEdison Semiconductor Ltd and take a 17 percent share of the silicon wafer market, up from 7 percent, making it the third-largest supplier in the world.
Following the acquisition, GlobalWafers controls 17 operations sites in 10 nations.
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