Korean government divests new IBK stake

Government takes advantage of share price spike to offload more of its stake in the policy bank.

The Korean government executed a $353 million placement in the Industrial Bank of Korea IBK slightly later than expected on Friday afternoon.

A 28 million share equity deal was initially launched after Thursday's close at a fixed price of W13,000 - a 4.8% discount to the stock's W13,650 close.

Strong demand led the issuer to lift the offering size to $353 million it was initially marketed at $242 million and boost the number of shares to 28 million from 19.23 million, according to a term sheet seen by FinanceAsia.

Although launched on Thursday night, the deal was not finalised until Friday...

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