Hanwha raises $340 million in GDR sale

The South Korean chemical and solar company will use the money raised to reduce its debt. Investors were keen to buy shares at the discount offered, particularly hedge funds.

Hanwha Chemical has raised $340 million after pricing its global depository receipts GDRs at a discount on Thursday morning.

The South Korean group, which specializes in chemical products and materials for use in the solar power industry, priced 21.7 million GDRs at $15.70 per share 16,322 won, an 8.3% discount to the April 23 closing price of 17,800 won.

Initially there were between 19 million and 21.4 million GDRs on offer, with one GDR equal to one share. The issuer is subject to a 90-day lockup.

Citi and Goldman Sachs were lead book runners.

The institutional book...

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