Lotte Chemical Titan revises its IPO shares to RM6.50 each from RM8

KUALA LUMPUR: Lotte Chemical Titan Holding Bhd has priced the institutional and retail shares for its initial public offering (IPO) at RM6.50 each, raising RM3.77 billion.

This was RM1.50 off the RM8 per share the company had announced previously.

Based on the RM6.50 IPO price and expanded issued base of 2.31 billion shares, Lotte Chemical Titan will have a market value of some RM15 billion upon its debut on Bursa Malaysia’s Main Market on July 11.

The company priced its institutional and retail shares today, after revising its IPO yesterday.

Its IPO now involves 580 million new shares, instead of the original 740.48 million shares.

"Applicants under the retail offering should note that the retail price of RM8.00 per share was paid in full, upon application under the retail offering,” Lotte Chemical Titan said in a Bursa Malaysia filing today.

As the final retail price of RM6.50 per share is less than the retail price, a refund of the difference, being RM1.50 per share, shall be made to successful applicants of the retail offering, without any interest thereon," it added.