Will Semiconductor, a semiconductor company based in China, has announced its plans to raise approximately $445 million through the issuance of global depositary receipts (GDRs) that will be listed in Switzerland. The funds raised will primarily be used for research and development of the company's core products, along with the acquisition of key technologies. Will Semiconductor has enlisted the support of J.P. Morgan Securities and UBS for guidance on the offering.
Details of the Offering
Will Semiconductor intends to issue 31 million GDRs, with each GDR priced at $14.35. These GDRs will be available for trading on the Swiss stock exchange starting from November 10. Furthermore, it is important to note that after a mandatory 120-day lockup period, the GDRs can be converted into China-listed shares. This potential conversion may result in a share dilution for Will Semiconductor, as it currently has 1.18 billion Shanghai-listed shares as of October 31.
Purpose of the Funds
The proceeds generated from this offering will primarily be allocated towards research and development activities, allowing Will Semiconductor to enhance its core product offerings. Additionally, these funds may also be utilized as working capital for the company's global expansion plans.
In conclusion, Will Semiconductor's decision to raise $445 million through the issuance of GDRs highlights its commitment to further developing its core product portfolio and acquiring key technologies. The listing of these GDRs on the Swiss stock exchange will provide additional opportunities for investors to participate in the growth of this semiconductor company.
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