Private equity investors cash out of Hanmi

Three private equity investors sold their holdings in the South Korean semiconductor company but the deal priced at the bottom end of the targeted range.

Three long-standing private equity investors offloaded their stakes in South Korean firm Hanmi Semiconductor on Tuesday, raising $36 million in the process by way of an accelerated block share sale.

Shares were priced at W14,600 $14.34 a unit, at the bottom end of an initial W14,600 to W14,850 range and at a 3.9% discount to their June 23 close, reflecting South Korea's recently shaky stock market performance with the bellwether Kopsi Index down 1% since June 17.  

Long-only institutional funds made up 80% of the book, according to a source close to the deal, and about 20 investors in all participated, split evenly between domestic...

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