Hotel Lotte hopes to raise 5.7 trillion won from IPO in June

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Hotel Lotte hopes to raise 5.7 trillion won from IPO in June

Hotel Lotte, a hospitality unit under Lotte Group, said on Thursday that it intends to raise up to 5.7 trillion won ($4.8 billion) through an upcoming initial public offering (IPO) set for June.

The Lotte affiliate said that it has submitted a securities report, required for the IPO, to the Financial Services Commission.

It will issue some 47.9 million shares, estimating the prices per share to be between 97,000 won and 120,000 won.

Hotel Lotte received a preliminary screening in January.

The listing of Hotel Lotte was one of Chairman Shin Dong-bin’s pledges to clean up the complex cross holdings of companies in the conglomerate.

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