Lotte Data to use IPO to maximise IT

Lotte Data Communication will push to beef up its next-generation IT businesses and to create more opportunities abroad by maximizing funds from its planned listing this month, its chief said Thursday.

The IT solutions unit of Lotte Group, one of Korea’s largest conglomerates, is scheduled to go public on the Kospi market this month. It plans to issue 428.6 million shares, with the price per share to be set at 28,300 won ($25.12) to 33,800 won, according to the firm.

“With the capital to be raised by the IPO, we will further invest in innovative fields such as blockchain, artificial intelligence and the Internet-of-Things (IoT) technology,” CEO Ma Yong-deuk told reporters.

“By continuing strategic ties with Lotte group and striving to diversify our businesses based on the latest technologies, we will expand our business landscape further to overseas markets,” he added.

Founded in 1996, the company racked up 32.7 billion won in operating profit and 691.3 billion won in sales last year. It employs nearly 2,000 people and has overseas branches in Vietnam, Indonesia and China.

Yonhap