Pacific Basin VC's cash out

Pre-IPO investors take advantage of record high share price.

Pacific Basin VC investors IDB Carriers and Dry Bulk Shipping took advantage of a record high share price yesterday Wednesday to almost sell out their entire position in the company. Under the lead of Goldman Sachs, the two divested a 15.7% stake, raising HK$795.58 $102.4 million via the sale of 198.4 million shares.

Having been marketed at HK$3.90 to HK$4.05 per share, the deal was priced at HK$4.01, which represented a 2.2% discount to the stock's HK$4.10 close yesterday. This discount was slimmer than the one a second group of shareholders had achieved the day before, when HK$207.4 million was raised via a 53.2 million...

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