S.Korea's Jinro prices IPO below indicative range

SEOUL, Sept 17 (Reuters) - South Korean spirit maker Jinro Ltd priced its initial public offering on Thursday below its indicated range, set to raise 648 billion won ($537.6 million).

Jinro, majority controlled by South Korea's Hite Holdings (000140.KS), said in a filing with the local regulator that the IPO was priced at 45,000 won per share, compared with a 54,000-60,000 won range given last month.

Jinro is offering 14.4 million shares held mostly by its number two and three shareholders -- savings associations of military officers and teachers.

(Reporting by Jungyoun Park; Editing by Jonathan Hopfner)