JPMorgan has priced the first international GDR out of Korea in 2003. However, its $28 million offering for Kumgang Korea Chemical is not about to break any volume records.
The deal was two times covered and was priced at $15.68, a 4% discount to close. Distribution split 40% US, 40% Asia and the remainder to Europe. Launched in the middle of the SARS outbreak, roadshows were curtailed. The management of the company was flown straight from Korea to LA and videoconference calls were done with fund managers in Hong Kong and Singapore from the US.
The company is a Korean market leader in paints and building products and...
