Tuesday, January 31, 2006

Retail: South Korea's Lotte Shopping raises $5.24 dollars in IPO

Further to my article of Jan 13, South Korean retailer Lotte Shopping, has raised $5.24 billion in an IPO, according to it's main underwriter Goldman Sachs. It is the world's largest share offering in the sector.

The offering, with listing set in London on February 8 and in Seoul the next day, is South Korea's top initial public offering and second-largest stock sale.

Lotte Shopping, which is the retail arm of Lotte Group, will use the proceeds to expand its discount store operations and move into overseas markets including Russia.