Pre-IPO investors launch GDR offering in Parade Technologies

Taiwan-listed Parade Technologies, a supplier of mixed-signal integrated circuits for computers, consumer electronics and display panels, yesterday launched a fully marketed sale of global depositary receipts GDRs that could raise about $123 million. The GDRs will be backed by secondary shares sold by a group of pre-IPO investors.

Having listed on Taiwan’s GreTai Securities Market as recently as September last year, this will be the first real chance for international investors to buy into the Silicon Valley-based company, which has seen its share price more than triple since the IPO. Hence the management is taking the opportunity to market Parade and its business to the wider...