Lotte Department Store was planning of have an initial public offering in Singapore. To raise at least US$1 billion would be the target of the IPO. The planned IPO will likely be in the fourth quarter this year or early next year, according to sources who were familiar with the matter.
The South Korean department store was the latest foreign company to tap the city-state's bourse for an IPO. According to the sources Monday, "the company is looking to list some of its retail mall assets into a trust in Singapore." However, a spokesman from the company declined to make a comment regarding the planned IPO.
Lotte Department Store was the largest department store chain in terms of revenue in South Korea. The department store chain was operated by Lotte Shopping. Lotte Shopping was affiliated to Lotte Group, a South Korean conglomerate. Lotte Group's business interests included confectionaries, movie theaters, and property, among others.
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