HYBE shares likely face tug-of-war in buying and selling on lockup expiry
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They closed Wednesday 6.73 percent lower at 235,500 won ($211.12). The shares have been sagging ahead of the lockup expiry after touching their highest closing of 276,000 won Tuesday.
April 15 is also the deadline for shareholders to become entitled for a new issue offered at a discount for a $400 million rights offering program to help finance the Korean agency behind BTS in its $1 billion acquisition of the L.A. music label representing global artists like Justin Bieber and Ariana Grande.
A tug of war of buying and selling can pan out on Thursday amid looming overhang issue.
HYBE on Monday alerted that the IPO lockup on large shareholders is lifted from Thursday.
Netmarble Corp. owns 7.08 million shares and Well Blink Limited 888,784. Institutions hold 1.06 million shares through IPO subscription. Except for the 1.426 million allocated to the employee association, all other shares are all free to discharge.
Well Blink for instance bought convertible preferred stock at 2,118 won apiece which means it can reap huge profit at current price. Institutions also would be tempted to sell some of their IPO holdings as the prices are doubled from their purchase level.
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