LONDON (Feb 16)—Shares in South Korean tire maker Kumho Tire Co. Inc. debuted Feb. 16 on the London Stock Exchange, trading in a range of $7.13 to $7.50 per global depository share.
Brokerages reportedly offered 22.4 million depository shares—equal to 11.2 million common shares—valuing the London action at about $160 million.
Kumho Tire shares are set to start trading on the Seoul Exchange Feb. 17. They are expected to debut at about $13 to $15.50 per share, according to Korean stock brokerages covering the deal. With 6.8 million shares being offered, that would generate between $88 million and $105 million more.
Cooper Tire & Rubber Co. was expected to buy 7.5 million shares of the international offering to reach the 11-percent shareholding it earlier disclosed it intended to buy. Using the London launch price, Cooper's share purchase would be valued at about $110 million.
Kumho Tire reportedly generated as much as $363 million earlier this month when it made its initial public offering to brokerages in Europe and South Korea. Kumho has not commented publicly on the reports.