Deals
Doosan Bobcat Withdraws $2.2 Billion IPO to Revise Offering
- Too many shares, too high price, says Yuanta analyst Lee
- Withdrawal comes after Hotel Lotte pulled back in June
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Doosan Bobcat Inc., a unit of South Korea’s biggest construction equipment maker, withdrew its bid to sell shares in what would have been the country’s biggest initial public offering in more than six years amid concerns that the sale price was too high.
The company will withdraw its proposal to raise as much as 2.45 trillion won ($2.2 billion) and will submit a revised plan soon, Doosan Infracore Co., the biggest shareholder of Doosan Bobcat, said in a regulatory filing in Seoul Monday. It expects to list shares in November or January, instead of its earlier planned Oct. 21, the company said in an e-mailed statement.