CJ HelloVision to raise $267 million from IPO

CJ HelloVision, South Korea’s biggest cable-TV provider, will raise W293.21 billion $267 million from its initial public offering after fixing the price slightly below the mid-point of the range.

The company also cut the number of shares on offer by 3% to about 18.33 million. There was no explanation for the reduction, which seemed at odds with the fact that the deal was about 19 times covered at the bottom of the price range. And although institutional investors were price sensitive, it was still multiple times covered at the final price, one source said.

A possible reason may be that one of the three selling shareholders...