Polysilicon producer OCI prices GDR at 2.7% discount

The Korean company raises $700 million from the largest Asian GDR since 2007.

<div style="text-align: left;"> Polysilicon should grow as demand for photovoltaic (PV) solar power installations are projected to more than double to 41.9GW by 2015. (AFP)</div>

Anette Jönsson

May 23, 2011

OCI Company, a Korean specialty chemicals producer, accelerated the pricing of its $700 million global depositary receipts GDR offering last week on the back of strong demand and a drop in the price of polysilicon, one of its key products.

Initially set to close tomorrow, OCI and its bankers managed to price the deal on Friday last week. It is the largest GDR issue by an Asia ex-Japan issuer since Taiwan’s Innolux Display Corp raised $1.35 billion in November 2007 and the largest ever solar-related equity deal in Asia-Pacific.

The price was fixed at $47.0176 per GDR, which translates into W510,000 for each of OCI’s...

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