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TSM Raises $326.8M From VisEra Share Sale Before Spinoff: Bloomberg

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  • Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM) sold 38 million shares in VisEra Technologies at $8.60 (NT$240) per share before a planned initial public offering (IPO) of the image sensor provider reducing its stake to 73.9%, Bloomberg reports.
  • The sale was to facilitate a proposed listing of VisEra in Taiwan. 
  • TSM sold the shares to 17 investors, including Fidelity International, Singapore sovereign wealth fund GIC Pte, and domestic institutions like Cathay Life Insurance Co. and Fubon Life Insurance Co.
  • TSM had set up VisEra in 2003 with Santa Clara, California-based OmniVision Technologies Inc., before buying out its partner in 2015.
  • TSM intends to spin off the unit following the semiconductor boom leading to surging chipmaker prices.
  • TSM shares have gained 139% in the last year, reaching a market cap of $578 billion as the semiconductor companies turned fabless by outsourcing their chip manufacturing to TSM.
  • Price action: TSM shares are up 1.95% at $131.6 in the pre-market session on the last check Wednesday.
 

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Posted-In: Bloomberg semiconductors Spin-OffsNews Asset Sales Tech Media

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