As Korean Air’s underwriting rights have begun to trade, investors’ calculations are becoming more complex. They are contemplating whether to buy or sell new shares that can participate in Korean Air’s paid-in capital increase. Among these, existing shareholders are expected to have the right to take over and participate in capital increase. Even if they are not Korean Air’s shareholders, buying new stocks rather than investing in common stocks is expected to contribute to the yield.
According to the financial investment industry on the 16th, Korean Air 46R, which is Korean Air’s new stock acquisition right, started its first transaction on the day. It will be trading for 5 trading days until the 22nd.
Previously, Korean Air decided to raise a total of 3,316 billion won in paid-in capital for the acquisition of Asiana Airlines and debt repayment. Shareholders who owned Korean Air shares until the 26th of last month, the base date for new share allocation, received Korean Air 46R, a new stock acquisition right for 0.79 shares per share.
Accordingly, if the Korean Air 46R is held or newly purchased until the 22nd, when the underwriting rights transaction is in progress, the right to participate in the capital increase will be granted.
First, based on the current price, it is calculated that it is advantageous to buy or hold a new stock offer. As of 1:30 pm on the same day, Korean Air 46R is trading at 8,750 won, and Korean Air’s stock price is recording 29,100 won.
In theory, the price of a new stock should converge at the price of the main stock minus the issuance price of new stocks. If the current stock price of Korean Air is subtracted from the expected new share price of 19,100 won (primary), it becomes 10,000 won. This is 1250 won higher than the Korean Air 46R stock price. This means that if you buy Korean Air 46R and exercise the right to take over, you can earn 1250 won per share.
Of course, if the secondary issuance price is lowered, profits can further increase. This is because the final issuance price is a method of selecting a lower price by comparing the first and second issuance prices.
On the other hand, Korean Air is starting to subscribe to shareholders who hold the right to underwrite new shares on the 4th to 5th of next month. Korean Air’s paid-in capital increase was allocated 0.79 shares per share, and oversubscription of 0.2 shares is possible.
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