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01-13-2016, 02:11 PM
http://s2.reutersmedia.net/resources/r/?m=02&d=20160113&t=2&i=1109223066&w=644&fh=&fw=&ll=&pl=&sq=&r=LYNXNPEC0C0SE
Hotel Lotte Co Ltd [HTLOT.UL] could raise up to $5 billion in what would be South Korea's biggest initial public offering, IFR reported on Wednesday citing people close to the deal.
The listing could reach $3 billion to $5 billion, potentially surpassing the $4.04 billion record set in 2010 by Samsung Life Insurance Co Ltd , said IFR, a Thomson Reuters publication.
Korea Exchange forecasts about 20 new listings this year as Hotel Lotte and other large companies bring volume to the IPO market after listing rules were eased. None of last year's 16 listings exceeded 1 trillion won ($830.43 million), compared with two in 2014
The Hotel Lotte deal will likely take place in March or April, subject to regulatory approval for the preliminary IPO application, IFR reported.
Hotel Lotte, a company key to Lotte Group's control of its South Korean affiliates, filed the application in December.
Lotte Group declined to comment on the size of the IPO, but said it could take place at the end of the first quarter or early in the second, a spokesperson told IFR.
Hotel Lotte Co Ltd has the world's third-largest duty free business in terms of sales, and operated 10 five-star hotels and 7 business hotels in South Korea and abroad as of September 2015. It also has an indoor amusement park and 2 holiday resorts.
The company, wholly-owned by Lotte Group affiliates in Japan and South Korea, has substantial stakes in units such as South Korea's largest retailer, Lotte Shopping Co Ltd , and Lotte Chemical Corp.
It reported sales of 3.6 trillion won between January-September of 2015, up from 3.4 trillion won during the same period in 2014.
(Reporting by Fiona Lau and Robert Hartley of IFR and Joyce Lee in SEOUL; Writing by Elzio Barreto; Editing by Stephen Coates)
Hotel Lotte Co Ltd [HTLOT.UL] could raise up to $5 billion in what would be South Korea's biggest initial public offering, IFR reported on Wednesday citing people close to the deal.
The listing could reach $3 billion to $5 billion, potentially surpassing the $4.04 billion record set in 2010 by Samsung Life Insurance Co Ltd , said IFR, a Thomson Reuters publication.
Korea Exchange forecasts about 20 new listings this year as Hotel Lotte and other large companies bring volume to the IPO market after listing rules were eased. None of last year's 16 listings exceeded 1 trillion won ($830.43 million), compared with two in 2014
The Hotel Lotte deal will likely take place in March or April, subject to regulatory approval for the preliminary IPO application, IFR reported.
Hotel Lotte, a company key to Lotte Group's control of its South Korean affiliates, filed the application in December.
Lotte Group declined to comment on the size of the IPO, but said it could take place at the end of the first quarter or early in the second, a spokesperson told IFR.
Hotel Lotte Co Ltd has the world's third-largest duty free business in terms of sales, and operated 10 five-star hotels and 7 business hotels in South Korea and abroad as of September 2015. It also has an indoor amusement park and 2 holiday resorts.
The company, wholly-owned by Lotte Group affiliates in Japan and South Korea, has substantial stakes in units such as South Korea's largest retailer, Lotte Shopping Co Ltd , and Lotte Chemical Corp.
It reported sales of 3.6 trillion won between January-September of 2015, up from 3.4 trillion won during the same period in 2014.
(Reporting by Fiona Lau and Robert Hartley of IFR and Joyce Lee in SEOUL; Writing by Elzio Barreto; Editing by Stephen Coates)