South Korea’s Hotel Lotte Postpones $4.5 Billion IPO Indefinitely After Raids

South Korea's Hotel Lotte Co. Ltd. said on Monday it was indefinitely postponing its IPO worth up to $4.5 billion, as the wider Lotte Group reeled from the impact of a series of raids on group firms by prosecutors.

The move is a blow to the company's ambitious expansion efforts, which include a push to make its duty free retail arm the world's largest. The duty free business, which accounts for most of Hotel Lotte's revenue, ranks third globally by sales.