jinro-delays-ipo-and-lowers-price-range

Jinro delays IPO and lowers price range

Jinro delays its offering in order to add information to its prospectus, while the international bookbuilding reveals that the indicated price range was too high.

In a surprising development, South Korean soju producer Jinro yesterday decided to postpone its initial public offering by a couple of weeks, to allow it to make some updates to it listing documents, according to a source. When the deal returns to the market in October, it will also have a slightly lower indicative price range.

The company had already completed its two-day international bookbuilding on Monday and Tuesday this week and was set to announce the final price yesterday. People familiar with the offering said the deal wasn't covered within the original price range, but there was enough demand to price it slightly below the range and, since that is possible on Korean IP...

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