South Korean brewer Hite Brewery has reduced the price band for the proposed 14.4m-share initial public offering (IPO) of its spirits subsidiary, Jinro, to between KRW45,000 (US$37.3) and KRW50,000 from between KRW54,000 and KRW60,000 per share.
 
The company originally received approval for the IPO from the Korean Stock Exchange on 25 August, and the first pricing was made on 31 August.
 
Morgan Stanley Emerging Markets is reportedly divesting part of its 10.27% stake in Jinro through the IPO.
 
Hite Brewery led a consortium to acquire Jinro for KRW3.4 trillion in 2005. Today, the spirits company is 55.4%-owned by Hite Holdings.