Doosan Robotics Co is seeking to raise as much as 421.2 billion won (RM1.4 billion) through an initial public offering that’s set to be the largest in South Korea this year.
The company, with Seoul-listed Doosan Co as its biggest shareholder, is offering 16.2 million shares at 21,000 won to 26,000 won each, according to a prospectus filed to the regulator on Wednesday (Aug 23). Orders from funds will be taken between Aug 28 and Sept 15, and the final price is set to be announced on Sept 19, after which individuals can place bids.
The listing could give a boost to South Korea’s dormant IPO market after only one debut larger than US$100 million this year, according to Bloomberg-compiled data. Total proceeds amassed through new share sales are down 88% to US$1.6 billion versus the same period last year, when LG Energy Solution executed its jumbo US$11 billion offering.
Robotics became one of the hottest sectors in South Korea this year as the government and major local companies, including Samsung Electronics Co, stepped up investments. Samsung bought a stake in Kosdaq-listed startup Rainbow Robotics earlier this year, and Hyundai Motor Group bought a controlling stake in Boston Dynamics Inc. from SoftBank Group Corp in 2020.
Source: The Edge Malaysia