Lotte Chemical downsizes IPO after weak reaction

Malaysia’s largest petrochemical producer hoped strong markets would be a catalyst for success. Instead it missed its price target and slashed the size of the deal.

Lotte Chemical downsizes IPO after weak reaction

Lotte Chemical Titan wrapped up its Malaysia initial public offering two days later than scheduled on Tuesday, as price sensitivity among investors forced the petrochemical group to offer fewer shares than intended, at a cost below the bottom end of its initial target.

The Southeast Asian unit of Seoul-listed Lotte Chemical raised M$3.8 billion $877 million on Tuesday after extending bookbuilding by a day on Monday. It had set out with a target of some...

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