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Lotte Department Store eyes Singapore IPO

Korea’s Lotte Department Store plans to raise at least US$1 billion through an initial public offering (IPO) in Singapore.

At US$1 billion, it would be Singapore’s third largest IPO this year after Mapletree Greater China Commercial Trust and Asian Pay Television Trust.

A person with knowledge of the plan said that the listing could take the form of a business trust or a real estate investment trust.

The IPO is likely to be in the fourth quarter or early next year.

DBS Bank Ltd, Goldman Sachs, Nomura Holdings and Standard Chartered Bank are managing the float.

Lotte Department Store is a subsidiary of Lotte Shopping Co which is owned by Lotte Group.

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