Doosan Bobcat gets approval for Korea IPO

Doosan Group’s construction machinery making unit is set for the first of three jumbo Korean listings by the end of the year.

Doosan Bobcat will press ahead with one of Korea's biggest initial public offerings of the year after Korea Exchange approved its listing application on Tuesday.

The construction machinery manufacturer is valued at about W5.2 trillion $4.4 billion, according to an independent evaluation by EY, a figure that suggests the company could raise about $1.1 billion, assuming a 25% free float.

The IPO is set to kick off a busy and lucrative second half for sizeable, internationally-marketed listings in Korea, after a first half dominated by issues from small, local companies.

Besides Doosan Bobcat, contract drug manufacturer Samsung BioLogics and mobile game...

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