Doosan IPO attempt flops on pricing and execution

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By John Loh
13 Oct 2016

Doosan Bobcat’s planned W2.4tr ($2.2bn) IPO in South Korea fell through this week on the back of an over-aggressive pricing strategy. Investors also withdrew their support after poor communication from the leads apparently resulted in conflicting messages on the progress of the bookbuilding. John Loh reports.

The construction equipment arm of Doosan Infracore was forced to pull the trade on Monday after launching it two weeks ago. The float had offered 50m secondary shares from private equity funds and its debt-strapped parent at W41,000-W50,000 apiece.

Then three days before books closed last Friday, ...

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