socar right now is valued slightly lower, at one trillion won.t is about less than half or half of the 3 trillion won valuation that was expected. the company still decided to go ahead despite having to slash its ipo size due to lackluster demand. and also despite the drop of its large size ipo in south korea, as mentioned. haidi: what are we expecting in terms of the debut? youkyong: it would be a big surprise, given their low demand during the initial public offering. the company is also listing when many companies that went public during the pandemic are trading far below their offering prices. companies such as kakao bank, many of them went public during the pandemic but they are now trading far below their offering prices. it shows how investors' view on companies with high ambitions but little cash flow or profit have significantly changed for the worse during this market, during this stock market. haidi: youkyung lee there with the latest. later, we will be speaking to socar's ceo on the company's trading debut on bloomberg markets: asia.

david: we have our exclusive interview with the socar ceo jay -- socar ceo, jake park.tay tuned for that interview. if you have any questions for our clients, send them to us via ib . this is bloomberg. ♪ haslinda: welcome back. let's talk about a debut in seoul. a ridesharing company, socar, debuted on the korean stock exchange this morning. it is eyeing overseas expansion, and wants to build a asian mobility super ramp. joining us is the socar ceo, jake park. take a look at your stock, it is trading at session lows. are you disappointed? jake: a little bit. but i think the ipo is a stepping stone for us to reach our end goal. and because we are very confident with our future performance, i think it will go up, and i think it will be ok in the near future. haslinda: why would it be ok? i am just wondering in the first place, why push ahead with the ipo when there is so much market uncertainty and volatility out there, almost setting yourself up for failure. jake: socar is moving really fast in the market that is changing everyday. we believe that going public and d

we are watching softbank backed socar. they failed to attract institutional investors last week.could be cut by 40% from the top of this market in range. haidi: thanks. masayoshi son said they could cut costs after putting up a record $23.4 billion loss in the last quarter. let's get more from our reporter in tokyo. the idea is that nothing is sacred. we were expecting it to be bad. reporter: the amount of the huge cost-cutting effort was a surprise, as well as the record loss. the bottom line figure was bigger than what we expected because softbank aggressively marked down both its publicly and privately held assets. along with the highlights yesterday, the cost-cutting efforts, which must seo she son -- which masayoshi son said would include other costs cut. haidi: was it more somber this time around? masayoshi son tends to highlight the positive when it comes to explaining the results of his company, but it seems he was detailing a lot of problems. what are investors saying? reporter: it was a somber results briefing. the initial response is not positive. analysts say they wer