KDIC sell-down in Kepco upsized to $547 million

Korea Electric Power Corp Kepco held up well yesterday even though the share sale by Korea Deposit Insurance Corp KDIC on Tuesday evening was upsized to $547 million from an original base deal of $235 million. The share price fell 3.7% to within 50 points of the placement price in the first 15 minutes of trading, but bounced back to trade around 2.8% lower for most of the day, suggesting a successful transaction.

However, the execution was anything but smooth and it took until 4am Hong Kong time for investors to get their allocations even though the order books closed at 8pm. Sources close to the deal said the delay...