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S Korean mobility firm Socar eyes raising $119 million from IPO

SEOUL :South Korean mobility platform Socar Inc said on Friday its planned IPO is expected to raise at least 155 billion won ($119 million) at the low end of an indicative price range.

Socar plans to offer 4.6 million new shares in an indicative range of 34,000 to 45,000 won per share, it said in a regulatory filing, adding that it expects the pricing to be finalised in early-August.

The company, which began its car-sharing business in 2011 with 100 cars, now spans across car-sharing, platform parking and micro mobility.

It reported an operating loss of 8.5 billion won in the January-March quarter, compared with a loss of 21 billion won in 2021, according to the filing.

($1 = 1,298.2600 won)

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