Posco Specialty Steel withdraws IPO due to poor demand

The Korean company decides not to proceed with its offering of up to $426 million, which could have been the biggest in Korea this year.
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Chicago's Cloud Gate, by Anish Kapoor, with help from Posco
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<div style="text-align: left;"> Chicago's Cloud Gate, by Anish Kapoor, with help from Posco </div>

Posco Specialty Steel, which is owned by Korean steelmaker Posco, has decided to withdraw its initial public offering, which was intended to raise between W392 billion and W462 billion $361 million to $426 million, a source said Friday.

The company, which produces high-quality steel for automobiles, machinery, nuclear power plants, shipbuilding, aeronautics and electronics, was planning to sell 14 million shares at a price between W28,000 and W33,000 each. The listing was targeted for December 14.

The volatile market conditions have made it difficult for would-be issuers to take advantage of rising stock indices, leading a total of 78 companies in Asia ex-Japan to withdraw their...

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