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 in the domestic institutional tranche This tranche accounted for...