LCT (Lotte Chemical Titan Holdings Bhd), target listed on Bursa Malaysia; list to raise RM5.9 billion.

Malaysia: Lotte Chemical Titan Holdings Bhd (LCT) expects to raise RM5.9 billion from its initial public offering (IPO) on the Main Market of Bursa Malaysia Securities Bhd.

The IPO will see the sale of 740.5 million shares, or 30 per cent of LCT's stake, comprising an institutional offering of 684.7 million IPO shares and a retail offering of 55.8 million IPO shares.

At the retail price of RM8 per share, LCT is expected to raise gross proceeds of RM5.9 billion, with market capitalisation of approximately RM19.7 billion.

With this, the LCT's IPO will be the largest in Malaysia since the listing of Felda Global Ventures Holdings Bhd in Aug 2012, which raised RM10.5 billion.

LCT said proceeds from the IPO will be utilised over the next 12 to 36 months to finance the company's expansion in Malaysia and Indonesia.

The Group has secured five cornerstone investors for its IPO, including Permodalan Nasional Bhd, Maybank Asset Management Sdn Bhd, Maybank Islamic Asset Management Sdn Bhd, Eastspring Investments Bhd and Great Eastern Life Assurance (M) Bhd.

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