Hyundai Marine Solution targets South Korea's biggest IPO in 2 years

SEONGNAM, South Korea -- The maintenance and repair unit of South Korean shipbuilding conglomerate HD Hyundai Group is aiming to raise as much as 742 billion won ($550 million) in what would be the biggest initial public offering on Seoul's main stock market in more than two years.

KKR-backed HD Hyundai Marine Solution said on Tuesday that the company will allocate 8.9 million shares, or 20% of its stock to investors later this month, with a price range between 73,300 won and 83,400 won a share. The IPO is expected to value Hyundai Marine at 3.7 trillion won if the price is set at the upper level. The company said that it aims to debut on the Korea Exchange in May.