[Alpha Biz= Paul Lee] Bain Capital, the private equity firm and largest shareholder of Classys—a KOSDAQ-listed medical aesthetics device company—has sold a portion of its stake through an after-hours block deal. The news triggered a sharp drop in the company’s stock, which fell nearly 7% in a single day.
According to investment banking industry sources on May 16, Bain Capital sold 3.93 million shares of Classys at KRW 57,915 per share through an off-hours block trade. This represents approximately 6% of the company’s total outstanding shares (65.5 million). The sale price reflected a 10.9% discount compared to Classys’ previous closing price. Citigroup Global Markets Securities reportedly served as the lead manager for the transaction.
Previously, Bain Capital had been seeking to sell its controlling 60.16% stake in Classys, having appointed J.P. Morgan and Citigroup Global Markets Securities as advisors late last year. The firm had reportedly been targeting a valuation exceeding KRW 3 trillion for the transaction. However, the process has been delayed due to rising domestic and global uncertainties.
Through this block deal, Bain Capital is estimated to have recouped approximately KRW 227.1 billion (roughly USD 170 million).
Following the news, Classys shares dropped 6.92% (KRW 4,500) to close at KRW 60,500. As a result, the company’s market capitalization, which earlier this month had exceeded KRW 4.6 trillion, fell below the KRW 4 trillion mark.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
