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| 2010.06.14 |
[Domestic] Mando rises on first trading day after IPO |
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Mando Corp. rose 34 percent on its first day of trading, the strongest debut on the main South Korean exchange in four months, after the auto-parts maker raised 498 billion won ($430 million) in an initial share sale.
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The Pyeongtaek, South Korea-based Mando rose 28,500 won to close at 111,500 won on the Korea Exchange, compared with its public offer price of 83,000 won. The benchmark Kospi stock index fell 0.8 percent.
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Proceeds from the sale, which was oversubscribed when the stock was offered to individual investors earlier this month, give the company a war chest to challenge larger overseas rivals such as Robert Bosch GMBH of Germany and Denso Corp. of Japan. The company is planning to expand factories in Brazil, India and Europe with the funds.
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¡°Given the growth potential at Mando, the IPO price doesn¡¯t look expensive,¡± said Lee Sang Hyun, an analyst at NH Investment & Securities Co.
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Mando, which makes brakes, suspensions and steering systems, will also benefit from a relatively weaker won that makes its products cheaper for customers such as Ford Motor Co. and General Motors Co., Lee said.
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The company sells almost 60 percent of its parts to Hyundai Motor Co., South Korea¡¯s largest carmaker, and Hyundai affiliate Kia Motors Corp., the second-largest, according to Lee, who hasn¡¯t issued a rating on the stock.
(Bloomberg)
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