April 20, 2024
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Doosan Bobcat seeks to raise W900b in IPO
[THE INVESTOR] Doosan Bobcat, the South Korean firm that controls US construction machinery maker Bobcat, said on Nov. 7 it expects to raise about 900.8 billion won (US$789.86 million) through its initial public offering after setting the offering price at 30,000 won per share.
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The IPO indicative price was in the range of 29,000-33,000 won per share, with plans to list about 30 million shares, Doosan Bobcat said in a regulatory filing.
The portion allocated to institutional investors subscribed 9.81 times during the book building process on Nov. 3-4, which saw participation by 406 anchor investors.
Doosan Bobcat will float its shares on the country’s benchmark KOSPI on Nov. 18. Korea Investment & Securities and Shinyoung Securities manage the share sale.
Faced with a setback by insufficient investor demand, the company had postponed its IPO schedule by a month from initial Oct. 21 and slashed the size of the deal which could have been up to $2 billion.
Affiliates Doosan Infracore and Doosan Engine own a combined 78.4 percent stake in Doosan Bobcat.
Shares in Doosan Infracore climbed 1.12 percent to 7,200 won and Doosan Engine rose 2.91 percent to 3,710 won as of 11:50 am.
By Park Han-na (hnpark@heraldcorp.com)
