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Korea’s industry No. 1 Lotte Rental Co. on Aug. 4 prices its initial public offering of 14.42 million shares at a desired band of 47,000-59,000 won to raise maximum 850.8 billion won ($742.6 million) to bolster green fleet.
According to Lotte Rental’s IPO prospectus filed with the Financial Services Commission on Monday, the company set its IPO price range between 47,000 won to 59,000 won for issue of 14.42 million new shares. If the price is set at the top end, its IPO is expected to raise up to 850.8 billion won and put the company’s market cap on the Kospi at 2.16 trillion won.
Pricing takes place Aug. 3-4, followed by public subscriptions on Aug. 9-10 for listing during the month.
Lead IPO managers are Korea Investment & Securities and NH Investment & Securities.
The car rental company plans to use the IPO proceeds in building an electric vehicle car-sharing platform and investing in autonomous driving technologies to lead the future mobility industry, said CEO Kim Hyun-soo.
Since founded in 1986, Lotte Rental has steadily grown into an integrated car rental service provider. It has car sharing unit Greencar, auto financing unit Lotte Auto Lease and vehicle maintenance unit Lotte Autocare under its umbrella.
The company delivered 159.9 billion won in operating income on sales of 2.25 trillion won last year. Its operating profit in the first quarter this year jumped 49 percent on year to 49.2 billion won and sales went up 8.6 percent over the same period to 588.6 billion won. It is yet to release its earnings for the second quarter.
Unlisted Hotel Lotte is its largest shareholder with 47 percent.
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