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Biz News Korea(Eng)

Hotel Lotte’s IPO in June likely to be blockbuster, beating last biggest Samsung Life debut

Collected: 2016.05.20

Distributed: 2016.05.27

Source: Go Direct

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Hotel Lotte Co., the de facto holding company of South Korea`s Lotte Group, finalized its plan go public and filed for securities registration with authorities to offer 35 percent of its stake on the main Korean bourse from late June.

Bets are high on the biggest initial public offering to arrive on the Seoul bourse in recent years. The company’s underwriters have set price between 97,000 won ($81.53) and 120,000 won per share. Most believe IPO price would easily go over 100,000 won upon better-than-expected first quarter earnings report. The company recorded 113.3 billion won in operating income, down 0.9 percent compared to the same period last year, while sales jumped 25.3 percent to 547.3 billion won in the first quarter.

Hotel Lotte would make the biggest-ever IPO, beating Samsung Life Insurance Co. that raised 4.89 trillion won in 2010 if the initial price goes beyond 95,520 won. Its market capitalization is estimated to hover around 15 trillion won, sending the stock straight to the rank of top 20 companies and making it a new bellwether in hotel and leisure category. The Samsung Life IPO drew bid ratio of 40:1. Market watchers believe Hotel Lotte would be bigger hit due to lack of investment opportunities at home.

By Bae Mi-jung and Song Gwang-sup

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