South Korean mobility company Socar plans to raise $119m through IPO


SEOUL: South Korean mobility platform Socar Inc said on Friday its planned IPO is expected to fetch at least 155 billion won ($119 million) at the bottom of an indicative price range.

Socar plans to offer 4.6 million new shares in an indicative range of 34,000 to 45,000 won per share, it said in a regulatory filing, adding that it expects the price to be finalized in early August.

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The company, which started its car-sharing activity in 2011 with 100 cars, now covers car-sharing, platform parking and micro mobility.

It reported an operating loss of 8.5 billion won in the January-March quarter, compared to a loss of 21 billion won in 2021, according to the filing.

($1 = 1,298.2600 won)


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