WT Microelectronics Co., Ltd. (3036 TT) (“WT”) has successfully priced its first GDS offering of US$190 million at US$12.18 per GDS. This GDS offering marks the first international offering for WT with 15.6 million GDSs, representing 78 million common shares of WT, to be listed on the Luxembourg Stock Exchange. Despite market uncertainty due to interest rate hikes and political tensions, investors still showed confidence in WT’s recent stellar operating performance and future growth trajectory. The GDS offering attracted numerous long-only and high-quality institution investors globally, and the book was multiple times over-subscribed shortly after deal launch.
WT launched the GDS offering to strengthen its working capital, to continue its investments in fast-growing applications driven by strong demand in the semiconductor market, and to propel WT’s future growth. The GDS offering not only enhances WT’s international visibility and attracts international quality investors into the company, it also helps strengthen WT’s capital structure. WT remains optimistic on the long-term demand outlook of the semiconductor market and will continue to invest in fast-growing applications such as electric vehicle, energy management, datacenter and 5G related products to deliver outsized growth relative to the industry and to drive market share expansion. In addition, WT will continue the effort in digitalization to improve operational efficiency and reduce operating expense ratio to achieve long-term, sustainable operating margin improvement and profit growth.
Citigroup Global Markets Limited acted as the Sole Global Coordinator and Sole Bookrunner for the GDS offering.