Seoul Guarantee Shelves $267 Million IPO as Korean Stocks Slide

Seoul Guarantee Insurance Co. withdrew a plan to list shares in South Korea as it was unable to get an “appropriate valuation,” it said in an exchange filing.

The company’s parent, Korea Deposit Insurance Corp., was seeking to raise up to 361.7 billion won ($267 million) through the sale of nearly 7 million shares. The offering was poised to be South Korea’s second-biggest this year, and the first by an insurer in the Seoul since 2020.

The shelved deal comes as a hiccup in IPO activity in Seoul. The market saw a flurry of small offerings leading up to the ...