News / Korea's SM Line postpones IPO after low interest from potential investors

Photo: Raymond Smith

SM Merchant Marine (also known as SM Line) has pushed back its initial public offering (IPO), after demand from institutional investors fell below expectations, the South Korean liner operator said today.

The company had hoped to raise up to $722m through a listing on the Korea Exchange’s secondary KOSDAQ counter, and held a two-day book-building session, which ended yesterday, to determine the offer price.

The stock was to be priced from KRW18,000 ($15.30) to KRW25,000 ($21.30), and the proceeds were intended to ...