Taiwan's Unimicron Technology is seeking to raise approximately $1.4 billion through a global share offering, joining a wave of Asian semiconductor companies accessing international capital markets. According to a term sheet seen on Monday, the printed circuit board and chip substrate maker is offering 50 million global depositary shares (GDSs) at a price range of $26.96 to $27.76 per share. Each GDS represents one ordinary share, as reported by Reuters.
The proposed pricing translates to approximately Taiwan$864 to T$889 per share, representing a discount of roughly 3 per cent to 5.8 per cent to Unimicron's Monday closing price of T$917 on the Taipei market. The company stated that the proceeds will be used to purchase raw materials denominated in foreign currencies, according to the term sheet details. The offering unlocks institutional capital access for global funds that historically found Taiwan-listed stocks harder to access due to custody, settlement, and broker coverage friction points.
The company reported robust Q1 2026 results with revenue of NT$37.4 billion, up 24.5% year-over-year, and net income surging 37% to NT$5.38 billion. Unimicron has already raised 2026 capex to a record NT$34 billion (~$1.1 billion), focused almost entirely on ABF substrate expansion. Capacity is projected to grow roughly 40% by year-end, with AI-related business expected to surpass 60% of Unimicron's revenue. The company's stock has rerated significantly, trading at approximately NT$1.51 trillion market cap with annualized Q1 net income of roughly NT$21.5 billion, representing over 70x earnings.
The offering comes as AI-led investment continues to boost demand across the global semiconductor supply chain, prompting several Asian chip-related companies to access overseas capital markets. Earlier on Monday, South Korea's SK Hynix launched plans for a $28 billion US listing, while Taiwan's Powerchip Semiconductor Manufacturing completed a global depositary share offering in June. The high-end FC-BGA substrate market represents a genuine bottleneck-within-a-bottleneck, as five manufacturers control essentially the entire market, with Unimicron being one of the key players.
