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SoftBank-Backed Ride Startup Seeks at Least $119 Million in IPO

  • Socar to sell 4.55 million shares for at least 34,000 won each
  • Car-sharing provider set to list in Seoul in mid-August
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SoftBank Group Corp.-backed car-sharing startup Socar Inc. filed for an initial public offering of at least 154.7 billion won ($119 million), testing investor appetite for new tech stocks in an adverse market.

South Korea’s biggest car-sharing service provider plans to sell 4.55 million new shares at an indicative price range of 34,000 won to 45,000 won apiece, it said in a filing on Friday. The company, which will list on the Korea Exchange on Aug. 18, plans to use the proceeds mainly for acquisitions and to cover operational costs.