April 27, 2024

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[THE INVESTOR] Lotte Data Communication will be listed on Korea’s main bourse this week, through which the IT firm seeks innovation and more opportunities abroad, market officials said on July 26.

The IT solutions unit of Lotte Group, one of the country’s largest conglomerates, is set to make its debut on the KOSPI market on July 27, according to the Korea Exchange.

Its initial public offering price was set at 29,800 won (US$26.63), closer to the lower end of the range of 28,300 won to 33,800 won, the bourse operator added.

Founded in 1996, the company logged 20.7 billion won in net profit and 691.3 billion won in sales last year. Lotte Corp. owns a 70 percent stake in the IT firm.

With the capital to be raised through the listing, CEO Ma Yong-deuk vowed “to further invest in innovative fields, such as block chain, artificial intelligence and the Internet of Things technology, to secure future growth engines, including the expansion into overseas markets.”

By Song Seung-hyun and newswires (ssh@heraldcorp.com)