SEOUL Nov 30 South Korea's POSCO Specialty
Steel, owned by steelmaker POSCO, has postponed its
initial public offering (IPO) set for December after scrapping a
plan for retail subscriptions, the Chosun Ilbo newspaper
The company announced earlier this month it would offer 14
million shares in a price range of 28,000-33,000 won, expected
to raise between 392-462 billion won ($359 million-$424
Officials at POSCO Specialty Steel could not be reached
immediately for comment.
Institutional investors that participated in the
bookbuilding process for the IPO on Wednesday and Thursday
priced the offering at around 20,000 won per share, far below
the company's price range, reported the Chosun Ilbo.
(Reporting by Joyce Lee; Editing by Paul Tait)