In today’s briefing:
- Block Deal Sale of HYBE by Netmarble
- Hybe Placement- Another Block Incoming
Block Deal Sale of HYBE by Netmarble
- After the market close on 6 November, Netmarble announced that it will sell 2.5 million shares of HYBE which represents 569 billion won in amount at current price.
- The actual block deal amount is likely to be less than 569 billion won as there will likely be a block deal discount rate.
- We would avoid this deal, mainly because we think HYBE is overvalued relative to its peers.
Hybe Placement- Another Block Incoming
- HYBE (352820 KS)‘s second-largest shareholder, Netmarble, seeks to raise approximately US$408m through a secondary block deal, selling approximately 2.5m shares (6% of TSO).
- The deal is a slightly large one to digest at 10.9 days of three month ADV and 5.5% of current mcap.
- In this note, we will talk about the placement and run the deal through our ECM framework.
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