Doosan Corp Placement
Park Yong-maan, Park Seo-won and Park Jae-won are looking to sell down their stakes in Doosan Corp. The share sale will be a cleanup, with a deal size of approximately US$110m.In our view, the deal should bode well for the current management, giving them free rein in management coupled with the share sale being a clean-up. The deal won’t be the easiest to digest, representing 24% of current free float, and approximately 15 days of ADV.
In this note, we will talk about the firm’s track record and run the deal through our ECM framework.
DOOSAN CO., LTD is a Korea-based company mainly engaged in the manufacture and sale of heavy equipment. The Company operates its business through the eight segments. The Doosan Infracore segment produces construction equipment, engines and generators. The Doosan Heavy Industry segment produces equipment for power plant, industrial equipment such as water treatment equipment. The Doosan Construction segment involves in the construction of apartments and commercial buildings, roads and plants. The Industrial Vehicle Business Group (BG) segment manufactures forklifts and related parts. The Electronic BG segment produces electronic materials such as copper clad laminates (CCLs), organic light emitting diodes (OLEDs). The Mottrol BG segment manufactures hydraulic products such as pumps, as well as defense products. The Information and Communication Business Unit (BU) segment develops Information Technology (IT) system. The Other segment engages in the fuel cell, advertising business.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
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