S.Korea's Doosan Bobcat applies for IPO approval

SEOUL, July 4 (Reuters) - South Korea’s Doosan Bobcat Inc, the firm that controls U.S. construction machinery maker Bobcat, applied for preliminary exchange approval for an initial public offering (IPO) planned for this year, Korea Exchange said on Monday.

Seoul-based analysts said Doosan Bobcat could have an estimated market valuation of about 4 trillion won ($3.48 billion), above the 2.7 trillion won that it was valued at last year according to the terms of a private shares issuance.

Top shareholder Doosan Infracore Co Ltd owns 66.6 percent of Doosan Bobcat. A spokesman for Doosan Infracore confirmed the application and said Doosan Bobcat planned to list this year, but declined to comment about the estimated market valuation.

JP Morgan and Korea Investment & Securities are lead advisors for the IPO. (Reporting by Joyce Lee)