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Biz News Korea(Eng)
Doosan Bobcat’s IPO price set at $26 per share, near bottom price range despite scale-down
- Collected
- 2016.11.07
- Distributed
- 2016.11.08
- Source
- Go Direct
The pricing was set closer to the bottom of the desired range of 29,000 won-33,000 won that drew 406 institutional investors during the two-day book-building session to generate a bid competition ratio of 10 to 1. Public subscription will take place on Tuesday and Wednesday, offering 20 percent, or 6,006,635 shares to retail investors.
Domestic retail investors can place orders through Korea Investment & Securities, Hanwha Investment & Securities and Shinyoung Securities. Trading of the shares will start on Nov. 18.
What had hoped to become a blockbuster IPO estimated at up to 2.5 trillion won was pushed back from last month after sharply scaled down to pull in 901 billion won, compared with the goal of $2 billion by offering 4.04 million shares at a range of 41,000 won to 50,000 won in original design.
The Doosan Bobcat could become the second disappointing entry to the Seoul main bourse whose investment sentiment has significantly soured amid political unrest in the country with presidency in limbo over unprecedented power abuse scandal after much-hyped IPO Samsung Biologics drew less-than-expected retail response last week.
Doosan Bobcat is the market leader in compact construction equipment in North America, Europe and across the globe. Doosan Infracore acquired Bobcat in 2007 for $4.9 billion in the biggest overseas deal by a Korean company.
At 12:55 p.m. Monday, shares of Doosan Infracore were up 60 won at 7,180 won.
By Chung Woo-sung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]