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Biz News Korea(Eng)
Korea’s Doosan Bobcat eyes $2.2 billion in IPO in October
- Collected
- 2016.09.09
- Distributed
- 2016.09.12
- Source
- Go Direct
According to the Financial Supervisory Service on Thursday, the company plans an initial public offering in 48,981,125 existing shares at a price band of between 41,000 won and 50,000 won apiece, making it the second largest IPO after Samsung Life Insurance Co.’s 4.88 trillion won debut in 2010.
Hanwha Asset Management Co. and other financial investors would sell off their Doosan Bobcat shares, which account for 21.6 percent of total outstanding shares. Doosan Group will release another 35 percent stake out of its 78,461,250 shares for initial public trade. If the share price of the IPO is determined as anticipated, Doosan Bobcat’s market capital would reach more than 5 trillion won.
Pricing will be determined after book building for two days from Oct. 6. The shares will be available to retail investors on Oct. 12-13. The shares will be on Oct. 21.
Doosan Bobcat, the global leader in compact construction equipment, runs 32 companies across the world. It generated 4.04 trillion won in sales and 385.6 billion won in operating profit last year, its best earnings record since it was acquired by Doosan Infracore Co.
By Song Gwang-sup and Park Yun-gu
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