Lotte Chemical Titan wrapped up its Malaysia initial public offering two days later than scheduled on Tuesday, as price sensitivity among investors forced the petrochemical group to offer fewer shares than intended, at a cost below the bottom end of its initial target.
The Southeast Asian unit of Seoul-listed Lotte Chemical raised M$3.8 billion $877 million on Tuesday after extending bookbuilding by a day on Monday. It had set out with a target of some M$5.923 billion in pre-marketing last month, meaning its final deal was worth some 36% less.
The deal was eventually priced at M$6.5 per share, some 14% lower than the bottom end of...
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