IBK seeks $300 million through GDR sale

State-owned bank takes advantage of share price spike to raise new capital

IBK seeks $300 million through GDR sale

Industrial Bank of Korea IBK has launched roadshows for a 26.2 million global depository receipt GDR sale that could raise up to $318 million, based on Monday’s 12,800 won closing stock price.

Unlike previous IBK equity offerings, the deal is not a government divestment but an offloading of treasury shares and will price on April 15 under the lead of Citigroup, Goldman Sachs and UBS. According to a term sheet, the group will be...

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