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17 February 2005
17/02/2005 Kumho Tire Co. Inc. opens Main Market

17 February 2005

 

Kumho Tire Co., Inc., manufacturer of tyres, opens the Main Market. 

 

 

In this US$ 363.4 million first ever concurrent dual-listed IPO on the Korea Exchange and London Stock Exchange, the Company has raised a net US$ 256.7 million. Kumho Tire began unconditional trading in London on 16 February 2005.

 

Kumho Tire is one of the two largest tire manufacturers in Korea, with an approximately 39% domestic market share, and was ranked as the 11th largest tire manufacturer in the world, based on 2003 sales revenues, according to “Tire Business”, a U.S. based industry magazine.  The company offers a variety of radial tires to vehicle manufacturers, in Korea and other countries and has a global distribution network covering approximately 150 countries. The Company is one of the market leaders in terms of technology as the first tire manufacturer to produce 26” and 28” UHP tires. In addition, the Company has been selected as the official tire provider for a number of major Formula 3 events.

 

Kumho Tire's IPO brings the total number of Korean companies listed on the London Stock Exchange to 10, with their shares traded on the Exchange’s International Order Book (IOB).  In addition there are a further 7 Korean Depository Receipts traded on the IOB, and Korea is the second most active country for IOB trading.  In 2004, the Exchange’s member firms traded approximately US$ 16.6 billion of Korean securities on the IOB, an increase of 81 per cent since 2000.

JPMorgan acted as the sole global coordinator and bookrunner for Kumho Tire international offering of Global Depositary Shares, and Daishin Securities acted as the lead underwriter for the Korean offering of common shares.

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