Lotte Chemical revises IPO price, size in bid to attract better quality investors

Singapore

IN AN attempt to ostensibly attract better quality institutional investors leery of its hefty valuations, Lotte Chemical Titan Holding (LCT) has revised its IPO price and size by about a fifth.

The initial public offer will be re- sized by reducing 160.5 million shares, or 23.4 per cent of the institutional portion, to 524.2 million shares, Maybank Investment Bank said in a filing to the stock exchange on Monday on LCT's behalf.

The institutional offering was scheduled to close on June 29 but Maybank said the price determination date did not occur as, after taking into account the overall demand through price discovery, the company, in consultation with the joint global coordinator…