South Korea-based train manufacturer Hyundai Rotem, which is backed by Asia Pacific private equity investor Morgan Stanley Private Equity Asia (MSPEA), has raised KRW622.4 billion (approximately US$584.4 million) in an initial public offering on the Korea Exchange. The offering of 27.1 million shares, including six million shares owned by MSPEA, was priced at KRW23,000 (approximately US$21.60) per share.  MSPEA, which originally invested in two tranches in 2006, will see its interest drop from 42.4 percent to 24.8 percent after the listing. Hyundai Rotem intends to use the proceeds of the offering to improve its financial structure by paying down debt and investing in global expansion.