March 7 (Bloomberg) -- Macquarie Korea Infrastructure Fund, the first toll road manager to offer shares in South Korea, raised a fifth less than it sought in an initial public offering as demand for stock waned in Asia's third-largest economy.

The fund, managed by Macquarie Bank Ltd., Australia's largest investment bank, and Shinhan Financial Group Ltd. sold 940 billion won ($963 million) of shares in London and Seoul after cutting the local portion by 20 percent. The shares were sold at 7,000 won apiece, South Korea's Ministry of Planning and Budget...

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Posted by rjorr at March 7, 2006 6:35 PM