[Courtesy of Doosan Group]
Doosan Bobcat Inc., a construction equipment maker of South Korea's Doosan Group, promised Thursday to expand its presence in China and emerging markets while strengthening its top position in the United States.
Doosan Bobcat, which operates in 20 countries, will make its initial public offering (IPO) on October 21. Its proposed price band stands between 40,100 won (36 US dollars) and 50,000 won.
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. Doosan's IPO is part of the parent group's efforts to improve its financial status.
"We will try to become a true global leader" in the sector, Kim Jong-seon, an executive director, told reporters, adding Doosan Bobcat, a top player in the US small construction machinery market, would focus on increasing sales in Chian and emerging markets if its market debut is successful.
Doosan Bobcat posted a net profit of 148 billion won on sales of 4.04 trillion won last year. In 2007, Doosan Infracore acquired Bobcat and other construction equipment units from North Carolina-based Ingersol Rand PLC for $4.9 billion.
Doosan Bobcat was separated from Doosan Infracore, the group's machinery manufacturing arm, in 2014. Doosan Infracore and Doosan Engine hold a 78.4-percent stake in Doosan Bobcat.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
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