[Special Stock] Lotte Rental, 2% Up on First Day of Listing... Trading Below IPO Price
[Asia Economy Reporter Lee Seon-ae] Lotte Rental is showing an upward trend on its first day listed on the KOSPI market.
As of 9:42 AM on the 19th, Lotte Rental is trading at 58,700 KRW, up 2.09%.
Lotte Rental opened at 57,500 KRW, which is 2.5% below the public offering price (59,000 KRW). During the session, the price rose to 60,900 KRW before giving back some of the gains.
Earlier, Lotte Rental set the public offering price at 59,000 KRW, the top end of the desired range (47,000~59,000 KRW), based on demand forecasting conducted over two days from the 3rd to the 4th targeting institutional investors.
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Lotte Rental was established in 1986 as an information and communication equipment rental company and started its rent-a-car business in 1989. After the split of KT Rental in 2005 and the acquisition of Kumho Rent-a-Car in 2010, it was acquired by Lotte Group in 2015 for 1.2 trillion KRW.
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