SK, KTCU see gains from Chinese startup’s Nasdaq IPO
Oct 16, 2020 (Gmt+09:00)
SK Group and the Korean Teachers’ Credit Union (KTCU) may walk away with handsome gains from their joint investment of 360 billion won ($314 million) in a Chinese data center operator that listed on Nasdaq last month.
In August, their $1 billion co-investment fund purchased a 9% stake in Chindata Group Holdings for 360 billion won in pre-IPO investment.
Shortly after the pre-IPO share sale, the Beijing-based startup raised $540 million in a September initial public offering. Bain Capital is its biggest shareholder after the US private equity firm acquired Chindata for $570 million in May 2019.
Based on its market value of $5 billion, their co-investment is likely to generate about 170 billion won ($150 million) in valuation gains.
The data company operates nine hyper-scale data centers, which can accommodate over 100,000 web servers.