Powerchip Semiconductor launches share offering to raise up to $890 million to fund machinery (updated)
UPDATE 1-Powerchip Semiconductor launches share offering to raise up to $890 million to fund machinery Adds details from term sheet throughout
SINGAPORE, June 9 (Reuters) - Taiwan-based chipmaker Powerchip Semiconductor Manufacturing Corp 6770.TW has launched a global depositary share offering to raise up to around $890 million, according to a term sheet, with proceeds earmarked for machinery and equipment.
The company is offering up to 28 million GDS, with each share representing 15 ordinary shares, the term sheet showed.
The shares are being marketed at $31.23 to $31.90 per GDS, equivalent to about NT$65.78 to NT$67.20 a share. That represents a discount of 6% to 8% to Powerchip Semiconductor's Tuesday closing price of NT$71.50.
Powerchip Semiconductor did not immediately respond to an email seeking comment on Tuesday afternoon.
(Reporting by Yantoultra Ngui and Scott Murdoch; Editing by Jacqueline Wong)
((Yantoultra.Ngui@thomsonreuters.com;))
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