Doosan Engine readies IPO

Korea's Doosan Engine submitted a stock notification to Korea Exchange and Financial Supervisory Service to undertake the procedure of initial public offering (IPO). ?Doosan will offer 10.5m shares in total including 7m new shares and 3.5m existing shares. ?After the IPO, the biggest stake holder will be Doosan Heavy Industries holding 42.7% and other major share holders will include Samsung Heavy Industries (14.1%) and Daewoo Shipbuilding & Marine Engineering (8.1%) and employee owned shares (10.5%). ?The expected price of the IPO is KRW 17,200 ($15) to KRW 20,900, and the total amount of the IPO is KRW 180.6bn ($157m) to KRW 219.5bn worth. ?Doosan will go through demand forecasting for two days on December 15th and 16th to confirm the final price of the IPO and take subscriptions for two days on December 21st and 22nd. ?Doosan has the world's highest production capacity to reach 14m horsepower per year and is ranked the 2nd in the global ship-engine market in terms of a market share.