* Construction equipment firm pulled prev plan on Oct. 10
* Doosan Bobcat aims to list on Nov. 18
* Still S.Korea's largest listing since Dec. 2014
(Adds milestone, shareholders, parent stock move)
By Joyce Lee
SEOUL, Oct 13 South Korean construction
equipment maker Doosan Bobcat Inc slashed the
amount it aims to raise in an initial public offering (IPO),
targeting less than half of its original goal after investors
baulked at the previous price tag.
In a statement on Thursday, the firm's parent company,
construction equipment group Doosan Infracore, said
it was seeking up to 990.9 billion won ($890 million), three
days after it pulled a prospectus targeting up to 2.45 trillion
won ($2.2 billion) in the IPO.
Potential investors thought the original IPO was too
expensive compared with South Korean peers, two Seoul-based
institutional investors previously told Reuters.
The listing is still expected to be South Korea's largest
since December 2014, but the lowered ambitions could prompt
others to review valuations for IPOs now in the pipeline,
Upcoming deals include Samsung BioLogics Co Ltd's up-to-$2
billion planned offering or that of the country's largest mobile
games company, Netmarble Games Co.
Doosan Bobcat's new indicative price range is 29,000-33,000
won per share, with 30 percent of the company to be sold in a
listing planned for Nov. 18, Doosan Infracore said.
Outside investors will exit Doosan Bobcat by selling a
combined 16.5 percent stake in the offering. Doosan affiliates,
including Infracore, will sell a 13.5 percent stake, securing
funds of up to 450 billion won to pay back debt and improve
Shares in Doosan Infracore closed down 3.6 percent on
($1 = 1,114.7500 won)
(Reporting by Joyce Lee; Editing by Edwina Gibbs and Kenneth