Daum aims to list 10 million ADRs on Nasdaq at $18

Daum Communications of Korea plans to sell 10 million American Depositary Receipts on Nasdaq to raise its profile and boost its local stock price.

Daum Communications, a Korean internet portal, plans to raise about $180 million by selling American depositary receipts ADRs on Nasdaq to help boost its stock price at home, raise its profile internationally and fund acquisitions.

Seoul-based Daum plans to sell the ADRs for about $18 each. The ADRs will be equivalent to a fifth of the underlying shares. An additional 300,000 shares, or 60,000 ADRs, will be set aside for an overallotment option. The company plans to begin a roadshow shortly, starting either in Hong Kong or Japan. It expects the offer to close 23 July. Merrill Lynch and Credit Suisse First Boston are managing the sale....

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