Issue Date: July 10, 2017
Lotte’s Malaysian unit has lackluster IPO
Lotte Chemical Titan, the Malaysian subsidiary of South Korean petrochemical firm Lotte Chemical, has raised $880 million in an initial public offering (IPO) on the Kuala Lumpur Stock Exchange. The amount was down considerably from the $1.4 billion the firm had expected only a few weeks ago. Lotte acquired the Malaysian unit, formerly known as Titan Chemicals, in 2010. It produces basic chemicals in two naphtha crackers with an annual capacity of less than 500,000 metric tons each, small by current standards.
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