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Korea’s Lotte Cinema goes public

Flotation comes after a strong bull run last year

South Korea’s third movie major Lotte Cinema will become part of a new public company next month.

Its parent Lotte Shopping Co., the country’s largest retailer, plans to raise up to won 3.69 trillion ($3.89 billion) through a simultaneous Feb. 9 listing on the KOSPI and London Stock Exchanges.

Flotation comes after a strong bull run last year, which saw the Korean stock market gain 54%, and is expected to be the largest Korean share sale since the Asian financial crash of 1998.

Lotte will offer 8.57 million new shares, selling 20% of the shares on the local market and 80% to foreign investors. Price will be struck Jan 28.

The company said its post-IPO plan includes an aggressive cinema and store expansion including 45 Lotte Cinema venues, three department stores, 41 discount stores, 43 supermarkets and 20 doughnut shops.

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