Taiwanese solar cell manufacturer Neo Solar encounters significant headwinds, including a 20.9% drop in its share price during marketing, but is still able to raise $132.4 million.
The Taiwanese producer of wafers for solar cells and specialty semiconductors prices the deal at the maximum 10% discount, but is able to increase the number of GDRs on offer by 27%.
Motech Industries is hoping that by adding more international shareholders to its register and diversifying upstream, the company's valuation will be lifted.
The solar cell manufacturer hopes strong growth prospects will compensate for a high valuation as it seeks $150 million from international investors five months after domestic IPO.