Lotte Rental Submits KOSPI Listing Securities Report... Aiming for August Listing

[Asia Economy Reporter Minji Lee] Lotte Rental announced on the 12th that it has submitted a securities registration statement to the Financial Services Commission for listing on the Korea Exchange.

Lotte Rental, established in 1986, is a leading comprehensive rental company in Korea, operating businesses such as auto rental, used cars, general rental, and mobility (car sharing). Its major subsidiaries include the car sharing service 'Green Car', the rental car maintenance company 'Lotte Auto Care', and the leasing and financial installment company 'Lotte Auto Lease'. It also has overseas subsidiaries in Vietnam and Thailand.

Owning the Lotte Rent-a-Car brand, Lotte Rental is the number one auto rental operator in Korea with an authorized fleet of 233,870 vehicles, and operates 'Lotte Auto Auction', the largest single used car auction site. In 2017, it launched Korea's first B2C rental platform 'MYOMEE', and also provides unmanned non-face-to-face vehicle rental services (car sharing) based on the Green Car app platform.

Lotte Rental plans to build a dedicated car sharing platform for electric vehicles and secure future mobility business capabilities by investing in autonomous driving technology, aiming to grow into a leading mobility platform company. Last year, its sales amounted to 2.2521 trillion KRW, operating profit was 159.9 billion KRW, and net profit was 41.5 billion KRW.

The total number of shares offered by Lotte Rental is 14,422,000, with a desired offering price range of 47,000 KRW to 59,000 KRW per share, and the expected amount to be raised is 850.8 billion KRW based on the upper band. Demand forecasting will be conducted on July 3-4 to finalize the offering price, followed by a general public subscription on July 9-10. The listing is scheduled for August. The joint lead managers for the listing are Korea Investment & Securities and NH Investment & Securities, with KB Securities as a co-manager.

Kim Hyun-soo, CEO of Lotte Rental, said, “We decided to list on the Korea Exchange to grow into a company leading the future mobility market beyond comprehensive rental services,” adding, “The funds raised through this offering will be used to acquire rental assets such as rental cars, aerial work platforms, and office automation equipment, as well as to build a future mobility platform, which is a new growth engine.”

This content was produced with the assistance of AI translation services.