The Chosun Ilbo newspaper reported that South Korea's POSCO Specialty Steel, owned by steelmaker POSCO has postponed its initial public offering set for December after scrapping a plan for retail subscriptions.
The company announced earlier this month it would offer 14 million shares in a price range of KRW 28,000 to KRW 33,000, expected to raise between KRW 392 to KRW 462 billion (USD 359 million to USD 424 million).
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.
Source:
http://www.steelguru.com/stainless_steel_news/POSCO_Specialty_Steel_postpones_IPO/293686.html
