Markets buoyed by placement from Pacific Basin

VC investors divest stake in dry bulk carrier at tight discount to spot.

A 320.2 million share placement in Hong Kong listed Pacific Basin was priced yesterday January 26 at HK$3.125, representing a tight 4% discount to a spot close of HK$3.35. This was also the tight end of a marketed range between 4% and 5% and aggressive in the context of both day's trading volume 74 and size of existing freefloat 34%.

The stock was sold by two VC investors that have just come out of their IPO lock-up. The two - IDB Carriers and Dry Bulk Shipping will see their stake drop to 16.6%, while the freefloat will expand to 61% and the remaining shares will be held by...

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