Hotel Lotte US$5 billion IPO approved

South Korea’s stock exchange has approved Hotel Lotte Co Ltd’s plan for an initial public offering, Reuters reported.
Hotel Lotte could raise up to US$5 billion in what would be South Korea’s biggest IPO, IFR reported earlier this month, citing people close to the deal.
A spokesman for Lotte Group, Hotel Lotte’s parent, said the listing is planned for the first half of 2016. He declined to give additional details about pricing or the size of the deal.