LG Philips LCD: glass ceiling floors IPO

The first simultaneous listing in Korea and the US was completed late New York time on Thursday when LG Philips LCD (LGP) raised $1.008 billion from its IPO. But for lead managers LG Securities, Morgan Stanley and UBS it proved to be a doleful and dispiriting end to a 15 month listing process, which should have resulted in a blow-out deal by one of Asia's few truly global stars.