TaiGen raises $35.7 million in Taiwanese IPO
TaiGen Biopharmaceuticals Holdings Ltd. (GreTai:4157), the parent company of TaiGen Biotechnology Co. Ltd., raised NT$1.1 billion ($35.7 million) through the sale of 22 million shares at NT$50 in an IPO on the GreTai Securities Market. The price values the company at NT$34.8 billion ($1.1 billion). KGI Securities and SinoPac Securities were underwriters. Shares were up NT$3 to NT$53 on its first day of trading Friday.
To list on GreTai, companies first list and trade as an emerging stock. Domestic companies must trade as emerging stocks for at least six months before a formal listing, but foreign companies are not subject to that waiting period. The holding company is domiciled in the Cayman Islands and thus filed to list on GreTai in September as a foreign issuer. ...