posco-ec-calls-off-ipo-while-indiabulls-power-prices-at-the-top

Posco E&C calls off IPO, while Indiabulls Power prices at the top

The Korean engineering and construction company decides to cancel the deal rather than to price below the initial range.

Posco Engineering and Construction has called off its $770 million to $920 million initial public offering, which was due to price on Monday, making it the third Korean listing candidate in short succession to make headlines for the wrong reasons.

According to a source, the international portion of Posco's offering, which was to have accounted for about 34% of the deal, attracted good demand from a mix of Asian and global funds with some three-quarters of the demand coming from long-only accounts. The orders were quite price sensitive, however, and the book was said to have come together at a price somewhere in the range of W80,000 to W90,000 per share. This compared with an...

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