LG Philips to test demand for its shares in possible IPO

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LG Philips to test demand for its shares in possible IPO

LG Philips LCD Co., the world’s second-largest liquid crystal display maker, will start gauging demand from investors today for an initial public offering that a South Korean regulator said may raise 2.3 trillion won ($2 billion), people involved in the sale said. The company will decide whether to proceed with a sale by about June 28, the people said, asking not to be identified. LG Philips won’t meet a July 14 target to have its shares start trading in Seoul and New York, as disclosed last month by Korea’s Financial Supervisory Service, they said. Delaying the sale might reduce the amount LG Philips can raise, investors such as Kang Shin Woo said, amid concern that rising U.S. interest rates and higher oil prices will curb economic growth in the world’s biggest economy, cutting demand for consumer electronics. Shares of Au Optronics Corp., the world’s third-biggest LCD maker, have fallen 32 percent since April 19. “The later the schedule, the worse it will be for the IPO,’’ said Mr. Kang, chief investment officer at PCA Investment Trust Management Co. in Seoul, who oversees $1.5 billion. “The outlook on the industry is more pessimistic now than it was earlier this year.’’
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