IBK raises $298.4 million from GDR sale

Syndicates opened books a few days earlier for the Korean bank, with hedge funds and long-only institutions keen to get in on the GDRs.

IBK raises $298.4 million from GDR sale

Industrial Bank of Korea IBK raised $298.4 million after pricing some 26.2 million global depository receipts at 11,390 won $10.94, a 4.45% discount to the closing price on April 11.

The deal was initially set to price on Tuesday but volatile markets encouraged bankers to do an accelerated bookbuild late Friday night. “Markets were coming down, so books opened and closed  quickly after markets closed,” one banker close to the deal told...

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