Taiwan Liposome Co. Ltd., of Taipei, Taiwan, priced an IPO of 3.75 million American depositary shares, each representing two of the firm's common shares, at $5.80 each, raising gross proceeds of about $21.75 million. TLC granted underwriters an option, exercisable at any time through and until one day before the closing date of the offering, to purchase up to 562,500 more depositary shares at the public offering price to cover overallotments.