South Korean retailer Lotte Shopping has raised Won 3.430 billion (£1.9 billion) in its IPO, making it the country’s and even the world’s biggest IPO in the retail sector, according to a report by the Financial Times.
The shares will be listed in London and in Seoul, with 80 percent listed in London and 20 percent in Seoul.
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The company will use part of the proceeds from the IPO to reduce debt, boost its position in the department store sector and expand its discount store presence. Lotte owns 22 department stores and discount retailer Lotte Mart and is looking to expand into China and Russia this year. Its goal is to become one of the world’s largest department store operators by 2008. Six more department store openings are planned by 2010 and 28 discount outlets by 2007.