Hyundai Rotem Co chose the maximum price of its shares after its initial public offering was oversubscribed 58 times. The unit of Hyundai Motor Co unit priced its shares at KRW 23,000, a regulatory filing revealed today. The shares had been marketed at a price range of KRW 17,000 to KRW 23,000 per share. In an emailed statement to Bloomberg, Hyundai Rotem said 409 financial institutions already applied for the shares. The application list included 211 overseas firms.

By pricing the shares at the top end, Hyundai Rotem expected to gather KRW 622.4 billion from the IPO. This would be the biggest IPO in South Korea after three years. Data from Bloomberg revealed that the biggest IPO prior to Hyundai Rotem was Samsung Life Insurance Co, which raised KRW 4.89 trillion in its 2010 IPO.

In a press conference, Hyundai Rotem's Chief Financial Officer Kim Young Gon said proceeds from the IPO would be used to repay debt and fuel its expansion program. Hyundai Rotem is the largest rail car maker in South Korea.