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Posco Specialty Steel postpones IPO, scraps retail subscription: report

Institutional investors priced the offering at around 20,000 won per share, far below the firm’s price range
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First Published: Fri, Nov 30 2012. 08 44 PM IST
The firm announced earlier this month it would offer 14 million shares in a price range of 28,000-33,000 won, expected to raise between 392-462 billion won ($359 million-$424 million). Photo: Reuters
The firm announced earlier this month it would offer 14 million shares in a price range of 28,000-33,000 won, expected to raise between 392-462 billion won ($359 million-$424 million). Photo: Reuters
Seoul: South Korea’s Posco Specialty Steel, owned by steelmaker Posco, has postponed its initial public offering (IPO) set for December after scrapping a plan for retail subscriptions, the Chosun Ilbo newspaper reported on Friday.
The company announced earlier this month it would offer 14 million shares in a price range of 28,000-33,000 won, expected to raise between 392-462 billion won ($359 million-$424 million).
Officials at Posco Specialty Steel could not be reached immediately for comment.
Institutional investors that participated in the bookbuilding process for the IPO on Wednesday and Thursday priced the offering at around 20,000 won per share, far below the company’s price range, reported the Chosun Ilbo.
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First Published: Fri, Nov 30 2012. 08 44 PM IST
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