GC
Covered 600x: investors flood into $248m Cuckoo IPO
Investors poured into Cuckoo Electronics’ W255bn ($248m) IPO, resulting in an institutional tranche that was close to 600x subscribed. The South Korean home appliances manufacturer took advantage of the overwhelming demand and priced the trade at the top of its indicative price range on July 28.
The IPO, which consists of 2.45m shares, was split between institutional accounts (60%), retail investors (20%) and Cuckoo Electronics employees (20%).
More than 711 institutional investors came into the IPO, with bids totalling 880.63m shares, or close to 600x more than the 1.47m shares available to them. As ...Already a subscriber? Login
