S.Korea Hotel Lotte's IPO is on track, spokesman says
SEOUL, June 3 (Reuters) - A report that South Korea's Hotel Lotte Co Ltd has delayed a proposed $4.8 billion IPO is "baseless" and the IPO is proceeding according to plans, a company spokesman said on Friday.
Earlier on Friday, IFR, a Thomson Reuters (Dusseldorf: TOC.DU - news) publication, reported that Hotel Lotte has postponed bookbuilding for its jumbo IPO, citing sources close to the deal. The company has called off those meetings because of an unforeseen issue related to execution and documentation, the report added.
The South Korean company said in May it plans an IPO which is expected to raise $4.8 billion, in what will be the world's biggest IPO this year. (Reporting by Joyce Lee; Writing by Denny Thomas; Editing by Adrian Croft)