S.Korea's Doosan Bobcat to cut IPO price to 35,000 won/share, well below range -IFR

HD Hyundai Infracore Co

05/10/2016 05:51

HONG KONG, Oct 5 (Reuters) - South Korean construction 
equipment maker Doosan Bobcat is seen pricing its initial public 
offering at 35,000 won per share, well below a preliminary 
indicative range, IFR reported on Wednesday, citing people close 
to the deal. 
    The 49 million shares on offer were initially marketed in an 
indicative range of 41,000 to 50,000. The reduced price puts the 
IPO at 1.72 trillion won ($1.55 billion), compared with up to 
2.45 trillion won previously, said IFR, a Thomson Reuters 
publication. 
    Doosan Bobcat didn't immediately reply to a Reuters request 
for comment on the IPO pricing. The deal is set to be priced on 
Oct. 7. 
    South Korean firms Doosan Infracore Co Ltd  042670.KS  and 
affiliate Doosan Engine Co Ltd  042670.KS  currently own a 
combined 78 percent stake in Doosan Bobcat. 
 
($1 = 1,112.4500 won) 
 
 (Reporting by Robert Hartley of IFR; Writing by Elzio Barreto; 
Editing by Kenneth Maxwell) 
 ((elzio.barreto@thomsonreuters.com;)(852)(2843-1608; Reuters 
Messaging: elzio.barreto.thomsonreuters.com@reuters.net)) 
 
Keywords: DOOSAN BOBCAT IPO/