Daum postpones Nasdaq listing amid slack demand

Korea''s Daum Communications has postponed listing its ADRs on Nasdaq as investor appetite for internet portals shrinks.

Daum Communications, Korea's number one internet portal, was forced to postpone its proposed listing of American depositary receipts ADRs Tuesday amid evaporating investor demand.

The Seoul-based company had hoped to sell 10 million ADRs at about $18 to raise as much as $180 million. Each ADR would have represented a fifth of one underlying shares. The company cancelled the offer after investors demanded a 10% to 20% discount to the underlying share price, bankers involved with the transaction said. That would have meant selling for as low as $11.80. Merrill Lynch and Credit Suisse First Boston CSFB managed the offer. Lehman Brothers was co-manager.

The issue was postponed...

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