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.

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 FinanceAsia.

Books were fully covered 15 minutes after opening, with Citi, Goldman Sachs and UBS leading the deal.

More than 40 investors participated in the deal, the...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222