Kumho Sets IPO Prices

Kumho will launch initial public offerings (IPO) on both the South Korean and London stock exchanges at $15.58 per share, South Korea’s Dow Jones has reported. The tyre manufacturer expects to raise approximately $400 million (£210 million) in the sale. Kumho Tire Co. is said to be selling some 25 million shares in the simultaneous IPO. “A heavy flood of orders is expected to be placed before the offer close,” Dow Jones reported.

The news follows Cooper Tire & Rubber’s early January announcement that it would buy an 11 per cent share of the company, which amounts to 7.5 million shares.