Sumary of HHI’s hot debut could be weighed down by foreign selling due to low lockup2021.09.15 15:34:
- Hyundai Heavy Industries’ hot debut of initial public offerings is due on Friday, but its early performance could be weighed down by potential foreign selling due to low lockup mandate.
- Domestic institutions received 35.6 percent or 6,408,700 shares and foreign institutions 19.4 percent or 3,491,000 shares, according to the company’s filing on Tuesday.
- About 60.3 percent of the holdings by institutions are subject to lock-up obligation.
- Most market experts expect the company’s opening price would double the IPO price of 60,000 won ($51.25) apiece, given the heat during the IPO process.
- [Photo by Yonhap] But foreign investors are free to take profit on their initial holdings since their commitment to lockup is at 1.2 percent Hyundai Heavy Industries’ market capitalization would reach 5.3 trillion won based on the IPO price.