A blueprint for Doosan Group's new office building in Bundang south of Seoul. [Yonhap News Photo]
Doosan Bobcat Inc., a construction equipment maker of the Doosan Group, has received preliminary approval Tuesday for its initial public offering that could raise more than 900 million US dollars, stock authorities said Tuesday.
It would be one of South Korea's three largest IPOs this year, along with Samsung BioLogics Co., a Samsung Group biosimilar arm, and Netmarble Games Corp., a leading mobile game developer.
Samsung BioLogics, which last week applied for preliminary approval of its IPO, is the world's third-largest producer of biomedicines in terms of production capacity after Switzerland's Lonza Group and Germany's Boehringer Ingelheim Pharmaceuticals.
Doosan Bobcat, a top player in the US small construction machinery market, hopes to raise more than one trillion won ($911 million) through its IPO, which is part of the parent group's efforts to improve its financial status.
Doosan Bobcat was separated from Doosan Infracore, the group's machinery manufacturing arm, in 2014 and now has subsidiaries in 20 countries. Doosan Infracore and Doosan Engine hold a 78.4-percent stake in Doosan Bobcat, which posted a net profit of 148 billion won on sales of 4.04 trillion won last year.
The Doosan group has shed a number of non-core assets to raise more than three trillion won in recent years.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
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