Investors go Cuckoo for Korean rice cooker

Cuckoo Electronics has raised W254 billion $247.8 million after pricing its Korean initial public offering at the top of the range.

Korea’s best selling domestic rice cooker manufacturer sold 2.45 million shares at W104,000 each, the top end of the initial W80,000 to W104,000 range, a source close to the deal told FinanceAsia.

Strong domestic institutional uptake allowed the issuer to price shares at the top, which values the company at 13.2 times its 2014 earnings. Woori Investment Securities led the transaction.

The deal did not have a separate international tranche, with foreign investors charged a 1% participation fee to take part...