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Biz News Korea(Eng)

Doosan Bobcat to push back its IPO plan for scale-down in offering

Collected: 2016.10.10

Distributed: 2016.10.11

Source: Go Direct

Doosan Bobcat Inc., U.S.-based leading compact construction equipment maker owned by Korea’s Doosan Group, announced on Monday that it has decided to push back its initial public offering scheduled for Oct. 21 upon learning the need to scale down the offering after book-building. The IPO is now expected in November at the earliest or January at the latest.

Doosan had planned to offer 48,981,125 in existing shares in a price band of 41,000 won ($36.9) and 50,000 won to fetch up to 2.45 trillion won.

The company decided it needed to modify the offering terms upon discovering some mismatch in the offering and market conditions during last week’s book-building, a company official said.

Doosan Infrascore, the parent company of the equipment maker, said the fund-raising would slightly miss the target, but still the scale will be sufficient to improve the financial structure.

By Song Gwang-sup

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