Two funds cash in $359 million by selling Mando shares

The selldown in the Korean auto parts manufacturer comes a day after a block trade in Tiger Airways was doubled in size following strong investor demand.

Existing shareholders continue to take advantage of strong share price gains with two more block trades of size in Asia over the past couple of days and bankers say we could see another few deals in the next two weeks. The timing is probably not coincidental. While each seller has its own objectives, it is likely that they feel at least some pressure to get these deals out before an expected rush of initial public offerings in September.

Mando Corp appears to be a case in point. Two of the company’s pre-IPO financial investors yesterday approached the market to try and sell their remaining shares only one day after their original lock-up expired. The deal,...

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