LG Philips LCD: glass ceiling floors IPO

Market conditions almost flatten flotation of Korean panel producer.

The first simultaneous listing in Korea and the US was completed late New York time on Thursday when LG Philips LCD LGP raised $1.008 billion from its IPO. But for lead managers LG Securities, Morgan Stanley and UBS it proved to be a doleful and dispiriting end to a 15 month listing process, which should have resulted in a blow-out deal by one of Asia's few truly global stars.

In a bid to get both the domestic and international tranches done, the secondary share offering was withdrawn and pricing fixed right at the bottom of an indicative range pitched far below the valuation originally hoped for. And it is not...

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