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South Korea Doosan Bobcat to withdraw its current IPO plans, will resubmit

[SEOUL] South Korea's Doosan Bobcat Inc will withdraw its existing initial public offering plans and will resubmit a new plan as soon as possible, the machinery maker's largest shareholder Doosan Infracore Co Ltd said in a regulatory filing on Monday.

Doosan Bobcat conducted bookbuilding last week after setting in September a preliminary price range of 41,000-50,000 won per share for the IPO, which would have allowed the IPO to raise up to 2.45 trillion Korean won (S$3 billion).

Under South Korean exchange rules, Doosan Bobcat has until about February 2017 to list or start the process over.

A Doosan Infracore spokesman declined comment beside the regulatory filing.

REUTERS