S.Korean car-sharing startup Socar prices IPO below bottom end of range

Socar priced its IPO at 28,000 won per share, below the bottom end of an indicative price range, the company said in a regulatory filing. The company added that it has revised down the number of shares available by 20% to 3.6 million new shares. In June, it had planned to offer 4.6 million new shares in an indicative range of 34,000 to 45,000 won per share.

Reuters | Seoul | Updated: 09-08-2022 14:20 IST | Created: 09-08-2022 14:08 IST

S.Korean car-sharing startup Socar prices IPO below bottom end of range — Representative Image Image Credit: Flickr

Country:
South Korea

South Korean car-sharing platform Socar Inc said on Tuesday it expected to raise 102 billion won ($78.08 million) in its planned initial public offering (IPO). Socar priced its IPO at 28,000 won per share, below the bottom end of an indicative price range, the company said in a regulatory filing.

The company added that it has revised down the number of shares available by 20% to 3.6 million new shares. In June, it had planned to offer 4.6 million new shares in an indicative range of 34,000 to 45,000 won per share. ($1 = 1,306.2800 won)

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