Lotte Rental IPO - Not Growing Its Fleet as Fast but Utilizing Them Better

APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/lotte-rental-co-ltd" target="_blank" data-smartkarma-citation="entities:33445:1" rel="noopener">Lotte Rental (089860 KS)</a> raised US$740m at KRW59,000 per share, at the top end of its IPO price. Lotte Rental (LR) is the largest car rental provider in South Korea in 2020 based on the number of registered rental cars. The company mainly offers car rentals and leasing services. It provides short-term car rental, monthly car rental, and chauffeur-driven car rental services. The company buys and sells used cars and also owns 84% stake in Green Car, a car-sharing platform.In this note, we look at the final subscription rates of the IPO, deal dynamics, and updated valuation of Lotte Rental vs peers.Our previous coverage of the IPO:<ul>
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<a href="https://www.smartkarma.com/insights/lotte-rental-ipo-peers-and-valuation" target="_blank" data-smartkarma-citation="insights:54757" rel="noopener">Lotte Rental IPO - Peers and Valuation</a> </li>
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<a href="https://www.smartkarma.com/insights/lotte-rental-ipo-not-growing-its-fleet-as-fast-but-utilizing-them-better" target="_blank" data-smartkarma-citation="insights:54689" rel="noopener">Lotte Rental IPO - Not Growing Its Fleet as Fast but Utilizing Them Better</a> </li>
</ul>

Lotte Rental (089860 KS) raised US$740m at KRW59,000 per share, at the top end of its IPO price. Lotte Rental (LR) is the largest car rental provider in South Korea in 2020 based on the number of registered rental cars. The company mainly offers car rentals and leasing services. It provides short-term car rental, monthly car rental, and chauffeur-driven car rental services. The company buys and sells used cars and also owns 84% stake in Green Car, a car-sharing platform.In this note, we look at the final subscription rates of the IPO, deal dynamics, and updated valuation of Lotte Rental vs peers.Our previous coverage of the IPO:

Lotte Rental IPO - Peers and Valuation 

Lotte Rental IPO - Not Growing Its Fleet as Fast but Utilizing Them Better 


Lotte Rental IPO Trading - Good 1H21 Results, but Relatively Pricey