June 2, 2017 / 9:55 AM / 2 years ago

Malaysia's Lotte Chemical to raise $1.4 billion in IPO

SEOUL (Reuters) - Malaysia’s Lotte Chemical Titan Holding [TTNP.UL] will raise 1.55 trillion won ($1.38 billion) from new shares being issued in an initial public offering (IPO), its South Korean parent Lotte Chemical Corp (011170.KS) said on Friday.

Lotte Chemical Corp said in a regulatory filing that the funds raised in the IPO are expected to come from about 740.5 million new shares, valued at the top of an indicative range of 8 ringgit ($1.87) per share.

The listing could be one of the biggest IPOs in years in Malaysia, which has not seen any listing of $1 billion and above since the $1.5 billion IPO of Astro Malaysia Holdings (ASTR.KL) in 2012.

Reporting by Joyce Lee; Editing by Muralikumar Anantharaman

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