Korea Aerospace Industries receives approval for IPO -exchange

Thu May 26, 2011 1:41am EDT

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May 26 (Reuters) - The Korea Exchange said on Thursday it had approved Korea Aerospace Industries' (KAI) application for an initial public offering, estimated to be worth around 576 billion won ($523 million).

The Korea Exchange said in a statement on Thursday that KAI has fulfilled the qualifications for a public share offer, adding that the value and size of the deal had not been determined. No details were provided on the possible timing of the IPO.

KAI is expected to sell 36 million shares at 14,000 won to 16,000 apiece, making the IPO worth up to 576 billion won, the biggest this year since Hyundai Wia's $466 million share sale in January. [ID:nL3E7GQ08W]

Woori Investment & Securities and Hyundai Securities will manage the deal. (Reporting by Jungyoun Park; Editting by Jonathan Hopfner)

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