South Korea-focused private equity firm Hahn & Company has partially exited its investment in Cowell e Holdings, a South Korea-based mobile phone camera module manufacturer, in an initial public offering (IPO) on the Hong Kong Stock Exchange. The sale returned US$68.4 million to Hahn, giving Cowell a market capitalization of HKD3.5 billion (approximately US$451 million) based on its offer price of HKD4.25 (approximately US$0.55) per share. Hahn initially purchased a 50% stake in Cowell in 2011.