South Korea’s Ecopro Materials IPO Priced at Bottom of Range
- To raise $319.2 million in Korea’s second-biggest IPO of 2023
- Firm cut offer size to 11.6 million shares from 14.5 million
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Ecopro Materials Co., which supplies materials for electric vehicle batteries, cut the size of its initial public offering and sold shares at the bottom of a marketed range due to weak demand.
The sale of about 11.6 million shares at 36,200 won ($27.7) apiece will help the company raise 419.2 billion won ($319.2 million), according to a statement Tuesday. The fundraising is smaller than initially expected as the offering was reduced from an initial plan of 14.5 million shares amid price swings in EV-related stocks.