Hotel Lotte Delays Overseas IPO Roadshow

Lotte Hotel

Hotel Lotte, the hotel unit of South Korea’s retail giant Lotte Group, has reportedly adjusted the starting date for the overseas roadshow for its USD4.8 billion IPO.

A Reuters report said Hotel Lotte had postponed investor meetings, which is supposed to start on Monday for the IPO that would be the world’s largest this year.

The report, which quoted unnamed sources, said Hotel Lotte still has to make additional filing before it could begin its bookbuilding.

Read: Hotel Lotte Loses Seoul Duty Free License to Doosan

The listing date for the IPO has not been decided yet, according to Lotte Group spokesman Song No-Hyun said.

Hotel Lotte’s IPO on the KOSPI market is expected to fetch over KRW5tr (USD4.19bn), with the medium range of price expected to surpass the record amount of
KRW4.9tr (USD4.1bn) sale by Samsung Life Insurance Co in 2010.

The world’s No. 3 duty-free operator said it will use the fund to step up its duty-free business, hotel chain and theme park to offer comprehensive options to travelers.

Read: Conrad Seoul Named As S. Korea’s Top Hotel

Hotel Lotte will launch a series of deal road shows in major cities, including New York, London, Singapore and Hong Kong, company officials said.

Hotel Lotte will offer 47.85 million shares at a range between KRW97,000 to KRW120,000 per share. –