South Korean industrial tools maker DN Solutions said on Wednesday it had dropped a plan for an initial public offering worth up to 1.6 trillion won ($1.12 billion), citing difficulties in getting a proper valuation due to major uncertainties in financial markets at home and abroad.
This scuppers what could have marked the biggest offering in over three years in the country.
The listing was set to be the largest since South Korean battery maker LG Energy Solution raised 12.8 trillion won in January 2022.
The company, a major producer of tools for the automotive, semiconductor, aerospace and medical sectors, has said tariffs unveiled by U.S. President Donald Trump could potentially dent the market in the short term but structural demand will continue.
Companies like Swedish fintech Klarna and household goods maker Cuckoo International have this month delayed their plans for IPOs as Trump’s sweeping tariffs rattle global markets.
($1 = 1,425.0000 won)
Reuters
