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IPO market advances significantly

Source: Taipei Times

Twenty-seven firms launched initial public offerings (IPO) in the first six months of this year, raising a combined NT$28.85 billion (US$970.53 million), a significant advance from 14 deals amassing NT$14 billion in the same period last year, Ernst & Young Taiwan said yesterday.

The pickup was linked to easing COVID-19 pandemic restrictions and came even though the TAIEX has had a rough time due to selling among foreign portfolio managers to cope with global monetary tightening, Ernst & Young said.

Technology and biotechnology firms were among the debuts, as Taiwan is home to the world’s largest electronics suppliers and the government is shoring up the biotechnology industry, the consultancy said.

Image sensor provider VisEra Technologies Co (采鈺), a spinoff of Taiwan Semiconductor Manufacturing Co (台積電) that had its debut yesterday, topped the survey of newly listed Taiwan Stock Exchange firms by raising NT$6.74 billion, or 29.31 percent of the total, it said.

VisEra shares yesterday closed at NT$334, a 15.17 percent rise, bucking the TAIEX’s 2.72 percent fall.

UPI Semiconductor Corp (力智科技), which provides high power density semiconductor solutions, was second on the list with a 22.8 percent share of the total, Ernst & Young said.

Technology firms accounted for 33 percent of new players on the Taipei Exchange, the local bourse for companies with small or medium capitalizations, it said.

Ernst & Young said that it remains guardedly optimistic about the IPO market, with the TAIEX likely to consolidate at about 15,000 points in the near term amid turbid economic times.

Nearly 30 companies have debuted on the Taipei Exchange since the start of last month, led by biotechnology players, despite a local outbreak of COVID-19, Ernst & Young said, adding that favorable legislation last year would support the development and operations of such firms.

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