Novac,
It depends on how they structure the IPO. If it's an in-specie distribution, that's the best outcome, as UMC shareholders simply end up with shares in the new company on some kind of ratio (hopefully 1:1).
The lesser preferred option is for them to do a priority entitlement, where UMC shareholders can apply to buy shares in the new company on a priority basis.
spin off bauxite , page-12
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