Doosan Bobcat puts off planned initial public offering

Park Sae-jin Reporter() | Posted : October 10, 2016, 10:31 | Updated : October 10, 2016, 10:31

[Courtesy of Doosan Group]

Doosan Bobcat Inc., a construction equipment maker of South Korea's Doosan Group, decided Monday to put off its planned initial public offering as a market response was not favorable.

Doosan Bobcat's IPO had been set for October 21 with its proposed price band stands between 40,100 won (36 US dollars) and 50,000 won. Investors believe the price is too high.

The company said Monday in a regulatory filing that its IPO would be delayed, citing unfavorable market conditions. The IPO is part of the parent group's efforts to improve its financial status.

Doosan Bobcat posted a net profit of 148 billion won on sales of 4.04 trillion won last year. In 2007, Doosan Infracore acquired Bobcat and other construction equipment units from North Carolina-based Ingersol Rand PLC for $4.9 billion.

Doosan Bobcat was separated from Doosan Infracore, the group's machinery manufacturing arm, in 2014.

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