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TSMC raises $822m in share sale
(CNN) -- The world's biggest chip foundry, Taiwan Semiconductor Manufacturing Company (TSMC), has raised $822 million from the sale of 79 million American Depositary Shares. TSMC said Wednesday the offer was priced at $10.40 per ADS, with each ADS representing five common shares. That is a discount of 0.67 percent to the stock's closing price in New York on Tuesday. Shares in TSMC, the biggest company on the Taiwan share market, are down 4 percent to T$60.00 at midday Wednesday in Taipei. The broader market is virtually flat, with the Taiex up 0.07 percent to 5371.96. TSMC makes chips to order for manufacturers of computers, mobile phones, video game machines and other consumer electronics. On Monday the company said its June sales totaled NT$17,846 million ($519 million), up 6.2 percent from the previous month and a 14.3 percent increase year on year. About 98 percent of the U.S. shares were offered by the government's Development Fund of Taiwan. The government will use the funds to repay debt. The sale organizers have an option to sell a further 11,761,861 ADSs within 30 days, which would lift the total raised to $944.5 million. TSMC spokesperson Harvey Chang said the success of the secondary offering showed the recognition by global investors of TSMC's performance. After the offering, ADSs will rise from 10 percent to 12 percent of TSMC's total share capital. Goldman Sachs International and Merrill Lynch were the joint global coordinators and book runners for the sale.
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