IPO application

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IPO application

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Hotel Lotte, a hospitality operator at the top of Lotte Group’s governance structure, submitted an application to the Korea Exchange on Monday for a preliminary review of its planned initial public offering (IPO). The move is part of Lotte’s efforts to list the de facto holding company of Lotte Group by the first half of this year. If Hotel Lotte is considered a financially stable company, the Lotte unit can undergo fast-track IPO proceedings, which take about a month to review. Earlier this year, Lotte Group chose financial and legal advisers to manage the listing. Lead advisers include Merrill Lynch International, Citigroup and local brokerage firm KDB Daewoo Securities. [NEWSIS]

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