S.Korean car-sharing startup Socar prices IPO below bottom end of range

SEOUL, Aug 9 — South Korean car-sharing platform Socar Inc said today it expected to raise 102 billion won (RM350 million) in its planned initial public offering (IPO).

Socar priced its IPO at 28,000 won per share, below the bottom end of an indicative price range, the company said in a regulatory filing.

The company added that it has revised down the number of shares available by 20 per cent to 3.6 million new shares.

In June, it had planned to offer 4.6 million new shares in an indicative range of 34,000 to 45,000 won per share. — Reuters