By Sherry Qin
China’s Will Semiconductor is planning to raise around $445 million through the issuance of global depository receipts that will be listed in Switzerland.
The semiconductor company plans to issue 31 million GDRs at $14.35 each, the Shanghai-listed company said Tuesday.
Will Semiconductor said the proceeds will mainly be used for research and development of the company’s core products, including the acquisition of key technologies. The proceeds may also go toward working capital for its global expansion.
The 31 million GDRs can be converted to China-listed shares after a 120-day lockup period, adding to Will Semiconductor’s 1.18 billion Shanghai-listed shares as of Oct. 31, representing a potential share dilution.
The GDRs will start trading on the Swiss stock exchange on Nov. 10, the filing said.
J.P. Morgan Securities and UBS are among the banks advising Will Semiconductor on the deal.
Write to Sherry Qin at [email protected]
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