Will Semiconductor Co., Ltd. Shanghai completes GDR offering and SIX Swiss Exchange listing

Niederer Kraft Frey advised J.P. Morgan Securities and UBS AG on the offering of global depositary receipts (GDRs) and SIX Swiss Exchange listing of Will Semiconductor Co., Ltd. Shanghai under the China-Switzerland Stock Connect.

Will Semiconductor, whose A Shares are listed on Shanghai Stock Exchange, sold 31,000,000 GDRs representing one A Share each at an offer price of USD 14.35, raising gross proceeds of approximately USD 445.0 million from the offering. Trading in the GDRs on SIX Swiss Exchange commences on 10 November 2023.

Will Semiconductor is a leading fabless semiconductor designer company, distinguished by its advanced proprietary technologies, diversified products and solution portfolio, and extensive customer network and supply chain ecosystems. Will Semiconductor expects to use the net proceeds from the transaction for the development and upgrade of core products and technologies, including the acquisition of or investment in businesses, products, services and technologies that are complementary or synergistic to its core business, and other general corporate purposes, including to support its global expansion and finance working capital needs.

J.P. Morgan Securities and UBS AG acted as joint global coordinators in connection with the offering.

The NKF team advising on the transaction was co-led by Capital Markets partners Philippe Weber and Daniel Bono, working with associates Thiago Claro and Manuel Hirlinger (both Capital Markets).