Lotte Shopping has raised W3.43 billion, or $3.54 billion, after strong demand from foreign investors allowed the Korean retailer to price Asia's largest non-privatization IPO. The deal priced two thirds up the price range at W400,000 per share.
The deal, which was also the largest ever equity fund raising out of Korea after LG Philips LCD's $2.2 billion secondary offering in July last year, is sparking hopes that more Korean companies will look to the equity market for funds this year.
Goldman Sachs and Nomura were joint lead managers for the international portion of the offer, which comprised 80% of the 8.57 billion shares that...
