Bobcat IPO pricing marks Doosan's loss

Korean chaebol accepts an IPO price that values Bobcat at barely half the cost of the original 2007 acquisition.
Doosan tries to dig itself out of a financial hole
Doosan tries to dig itself out of a financial hole

After one false start in October, Korea's oldest industrial conglomerate completed the first stage of an initial public offering for Doosan Bobcat on Friday.

A scaled-backed 30.028 million share offering for the US farm and construction equipment manufacturer was priced at W30,000 per share, potentially raising W900.85 billion $788.74 million once the domestic retail offering is completed on Wednesday.

This values the company at $2.629 billion based on the issuance of 30% of the company's share capital. 

More strikingly, this level is 46.4% lower than the $4.9 billion price tag Doosan successfully bid for Bobcat in June 2007 when it agreed to buy...

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