KAI to raise 567.3 bln won through IPO

SEOUL, June 20 (Yonhap) -- Korea Aerospace Industries Ltd. (KAI), South Korea's leading aircraft maker, said Monday that it will raise 567.3 billion won (US$522.4 million) through its public initial offering (IPO), which could be the largest share sale so far this year.
The company, whose shares will be listed on the main bourse on June 30, said its offering price was set at 15,500 won per share with an upper target range of 14,000-16,000 won.
The company plans to list 36.6 million shares, valued at 567.3 billion won, on the main stock market, which would top the share offering of 520 billion won by Hyundai Wia Corp., an auto parts affiliate of top automaker Hyundai Motor Group.
Public subscription for the KAI share offering is slated for Thursday and Friday, the company said. KAI said earlier it will use the proceeds from the IPO on facility investments as it is pushing into overseas expansion.
State policy lender Korea Finance Corp. held 30.1 percent of KAI, which was established in 1999. Samsung Techwin Co., Hyundai Motor Co. and Doosan Infracore Co. have a combined 61.9 percent stake in the company.
The aircraft manufacturer posted a net profit of 78.8 billion won last year.
sooyeon@yna.co.kr