Posco E&C shelves IPO after price range fails to impress
Posco Engineering & Construction, the building arm of Korea’s biggest steelmaker, postponed plans for a $926m initial public offering on Tuesday after failing to attract investors at its targeted price range.
Posco postponed the deal after two weeks of bookbuilding had failed to cover the IPO at its targeted price range of W100,000-W120,000 a share.
Bankers said a deal would have come together around 10% below the bottom end of that range, but Posco was unwilling to move on price.
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