IBK pre-markets GDR

Korean policy bank launches concurrent GDR and domestic offering to increase freefloat and ease transfer from Kosdaq to the main board.

The Industrial Bank of Korea IBK began pre-marketing yesterday Monday for a domestic and international offering that could raise up to $600 million.

The government-owned policy bank wants to transfer its listing from the Kosdaq to the main board of the Korea Stock Exchange, but to do so it needs to have a minimum freefloat of 10%. Under the terms of the forthcoming deal, the Export Import Bank of Korea Kexim and Korea Investment and Trust Company KITC will partially divest their holdings, in the process boosting the bank's freefloat from 5.7% to just over 25%.

Samsung Securities is handling the domestic offering, which is said to comprise a sale of...

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