Hyundai Engineering’s headquarters in Gye-dong, Jongno-gu, Seoul. Provided by Hyundai Engineering
On the 28th, Hyundai Engineering submitted a notice of withdrawal of IPO and postponed listing on the stock market. The collapse of the exterior wall of HDC Hyundai Industrial Development’s new apartment building in Gwangju, which occurred on the 11th of this month, is interpreted as the effect of freezing investment sentiment in the construction industry.
On this day, Hyundai Engineering explained, “We conducted a demand forecast to confirm the final public offering price, but submitted a withdrawal report in consideration of various requirements, such as difficulties in evaluating the company’s value properly.”
Hyundai Engineering, a construction affiliate of Hyundai Motor Group, submitted a securities declaration to the Korea Exchange in December last year with the aim of listing on the stock market next month. However, in the demand forecasting of institutional investors closed on the 26th, the competition was only a few hundred to one, and the box office failed. An official from Hyundai Engineering said, “The schedule for the public offering is still undecided, and it will be promoted once more when conditions are met to receive an appropriate value.”
Kim Chang-hoon reporter [email protected]