Lotte seeks to raise $1b in Singapore IPO

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Lotte shopping mallSouth Korea’s shopping mall operator Lotte Shopping Co. has sought listing approval from Singapore’s securities regulator to list on the city-state’s stock exchange in an offering that could raise as much as $1 billion, people with knowledge of the deal said on January 6 according to The Wall Street Journal.

Lotte is putting its Korean shopping malls in a trust for a listing in Singapore. If successful, the initial public offering (IPO) could pave the way for other trust IPOs in coming months. Singapore is Asia’s top venue for trust listings, with a unit of local conglomerate Keppel Corp. last week announcing plans to list its data centers in Singapore.

It would also be the biggest overseas IPO by a Korean company. The biggest overseas listing by a Korean company to date is the $367 million IPO eight years ago of dry bulk shipping company STX Pan Ocean Co., also in Singapore.

Approval from the Singapore Exchange for the South Korean company’s plan could take 10-15 days. If approved, Lotte will then be able to start testing investors’ appetite for the IPO. A spokesman at Lotte, which announced plans for a Singapore IPO of its malls last year, said the company was looking to list in February but didn’t elaborate.

Lotte Shopping Co. is an affiliate of South Korean conglomerate Lotte Group, whose business interests range from real estate to selling candy to operating movie theaters.

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South Korea’s shopping mall operator Lotte Shopping Co. has sought listing approval from Singapore’s securities regulator to list on the city-state’s stock exchange in an offering that could raise as much as $1 billion, people with knowledge of the deal said on January 6 according to The Wall Street Journal.

Reading Time: 1 minute

Lotte shopping mallSouth Korea’s shopping mall operator Lotte Shopping Co. has sought listing approval from Singapore’s securities regulator to list on the city-state’s stock exchange in an offering that could raise as much as $1 billion, people with knowledge of the deal said on January 6 according to The Wall Street Journal.

Lotte is putting its Korean shopping malls in a trust for a listing in Singapore. If successful, the initial public offering (IPO) could pave the way for other trust IPOs in coming months. Singapore is Asia’s top venue for trust listings, with a unit of local conglomerate Keppel Corp. last week announcing plans to list its data centers in Singapore.

It would also be the biggest overseas IPO by a Korean company. The biggest overseas listing by a Korean company to date is the $367 million IPO eight years ago of dry bulk shipping company STX Pan Ocean Co., also in Singapore.

Approval from the Singapore Exchange for the South Korean company’s plan could take 10-15 days. If approved, Lotte will then be able to start testing investors’ appetite for the IPO. A spokesman at Lotte, which announced plans for a Singapore IPO of its malls last year, said the company was looking to list in February but didn’t elaborate.

Lotte Shopping Co. is an affiliate of South Korean conglomerate Lotte Group, whose business interests range from real estate to selling candy to operating movie theaters.

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