TSM Raises $326.8M From VisEra Share Sale Before Spinoff: Bloomberg - Taiwan Semiconductor (NYSE:TSM)

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.