Daum Communications, Korea's number one internet portal, was forced to postpone its proposed listing of American depositary receipts ADRs Tuesday amid evaporating investor demand.
The Seoul-based company had hoped to sell 10 million ADRs at about $18 to raise as much as $180 million. Each ADR would have represented a fifth of one underlying shares. The company cancelled the offer after investors demanded a 10% to 20% discount to the underlying share price, bankers involved with the transaction said. That would have meant selling for as low as $11.80. Merrill Lynch and Credit Suisse First Boston CSFB managed the offer. Lehman Brothers was co-manager.
The issue was postponed...
