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In a woeful environment for IPOs in Asia, it would be nice if the ones that did reach the market were done properly.
October brought a mishandled IPO in South Korea that should instead have set a positive tone for several big equity fundraisings due in that country. Doosan Bobcat’s IPO is a knock-on effect of chaebol restructuring, a theme Euromoney will report on in more detail next month. There are two parallel themes here: a healthy chaebol like Samsung (exploding phones notwithstanding) which is trying to reorganize in order to focus on core businesses; and groups like Doosan that have to sell because of financial pressures.
It was perhaps a failure to recognize how heavily Doosan falls into the second camp – and how well aware of that investors are – that derailed its opening attempt at this deal. Its IPO represents a sell-down by two other members of the chaebol (Doosan Infracore and Doosan Engine) and by several private equity funds of their stakes in the farming and construction equipment manufacturer.
Full article: http://www.euromoney.com/Article/3599980/BackIssue/97014/South-Korea-Doosan-dishes-up-IPO-dirge
