SoftBank-backed Socar, South Korea’s largest car-sharing startup, tumbles on market debut

Socar, South Korea’s largest car-sharing startup, tumbled in its Seoul stock market debut Monday even after pricing shares below the bottom end of a marketed range.
Shares of Socar rose 1.25% from its IPO price of 28,000 won ($21.10) in the initial minutes of the debut, before tumbling to 26,300 won and giving the firm a market cap of $642 million.
Last week, Socar cut its targeted IPO offering to 102 billion won ($78.1 million), giving the car-sharing company a valuation of 966.5 billion won ($731 million) before the start of trading.
Socar’s debut comes amid a sluggish period in the IPO mark

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