Woongjin Coway breaks new ground with unlisted GDRs

Korean company raises $150 million through combined sale of treasury shares and secondary shares.

South KoreaÆs leading manufacturer of air and water purifiers, Woongjin Coway, has raised $150 million from a combined sale of Global Depositary Receipts and common shares which is unique in the Korean market in the sense that the GDRs wonÆt be listed.

It was only the second time a Korean company has issued unlisted GDRs and the first time such a sale was done as a fully-marketed deal with a prospectus and full roadshow. The previous time this...

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