South Korean retailer Lotte Shopping is seeking to raise as much as US$1 billion in a Singapore IPO.
The IPO – the largest overseas IPO by a Korean company – is aimed at raising brand awareness as it looks to expand its business in Asia.
Lotte Shopping is a subsidiary of Lotte Group, whose business interests range from real estate to confectionery to movie theatres. Lotte Shopping runs 108 large stores and 31 department stores.
Its revenue for the first nine months of 2013 stood at 21.6 trillion won (US$19.9 billion), 16.7 per cent higher than a year earlier.
Lotte Shopping has engaged DBS Bank, Goldman Sachs, Nomura Holdings and Standard Chartered Bank for its IPO.