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Report: Hotel Lotte's IPO could be delayed until June

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Report: Hotel Lotte's IPO could be delayed until June

HotelLotte could delay its planned listing on the South Korean bourse until June ina possible effort to increase its valuations, according to an April 6 reportfrom The Korea Herald.

Thelodgings and duty-free sales unit of Lotte Group is believed to be awaiting agovernment announcement concerning new licenses, according to market sources.The report said if the company is successful in getting a license for itsduty-free store in Jamsil, in southern Seoul, it would have a "majorimpact" on its valuation.

InNovember 2015, Hotel Lotte was unsuccessful in renewing its operating licensefor its outlet at Lotte World Tower in the Gangnam region of Seoul. More than90% of the company's operating profit comes from the duty-free business, thereport noted.

HotelLotte's IPO planshave been in the works since August 2015, and the firm received preliminaryapproval from theSouth Korean stock exchange in January for its listing application, as reportedearlier. The IPO was previously planned to proceed as early as May.

Anofficial from Lotte Group told the publication that the group is unsure of theimpact the new license could have on Hotel Lotte, and that the IPO will takeplace during the first half, as planned. The IPO size and price range are yetto be decided, another official was reported to have said.