Doosan Bobcat pulls blockbuster IPO

Korea’s largest IPO of the year has been put on hold after investors balked at the valuation and worried about the US election.

Korean bankers are set to end the year with disappointment after construction machinery manufacturer Doosan Bobcat pulled its W2.45 trillion $2.2 billion initial public offering on Monday.

Doosan Bobcat decided to postpone the share sale because the size of the offering was too big for some market participants, the company said in a statement on Monday.

According to the offering terms, the company had planned to sell 49 million existing shares, equivalent to 48.9% of its share capital. In other words, nearly half of the company was intended to be sold through the listing, an amount that proved too big for investors to stomach.

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