Mando Corporation, a Korean manufacturer and supplier of auto parts, managed to steer through last week's severe battering of global equity markets without so much as a scratch, raising W498 trillion $436 million from its initial public offering. The institutional offering was about 15 times covered, allowing the company, which specialises in brakes, steering and suspension systems and components, to fix the price just above the mid-point of the range at W83,000.
A source said there wasn't much price sensitivity and noted that the deal was covered across the W75,000 to W90,000 range -- a notable achievement in a week when share prices took a beating and several other IPOs, in Asia and globally,...
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