Taerim Paper "Considering Timing, Reviewing Re-promotion of IPO"
[Asia Economy Reporter Park Hyungsoo] Corrugated paperboard manufacturer Taerim Paper announced on the 11th that it will withdraw its public offering related to its KOSPI listing.
Taerim Paper, in consultation with the underwriters, will cancel the remaining IPO schedule, including subscription. No shares have been allocated to institutional investors who participated in the demand forecast. The company explained that since the withdrawal occurred before the subscription for general investors, there is no issue regarding investor protection.
A Taerim Paper official stated, "During the IPO process, we received positive evaluations from institutional investors regarding our market influence as the industry leader and our eco-friendly shareholder policies. However, due to recent market volatility and instability, we have decided to reconsider the listing timing to ensure the company’s value can be properly assessed."
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Taerim Paper CEO Ko Jae-woong said, "Taerim Paper will continue to strive to enhance corporate value through profitability improvement and the development of eco-friendly high value-added products."
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