UPDATE 1-S.Korea GS Retail plans up to $284 mln IPO

Mon Nov 21, 2011 2:53am EST

* Says aims to price IPO at 18,000-21,000 won/share

* Shares to come from No.2 shareholder LG Corp

By Jungyoun Park and Ju-min Park

SEOUL, Nov 21 (Reuters) - South Korea's GS Retail said it plans to offer 15.4 million shares in an initial public offering next month to raise as much as 323.4 billion won ($284 million).

The convenience store and supermarket chain operator is looking to price its shares at between 18,000 won and 21,000 won each, with all 15.4 million shares coming from second-largest shareholder LG International Corp, a company official told Reuters on Monday.

LG International, which owns 32 percent of GS Retail, will raise 277.2 billion to 323.4 billion won from the share sale.

No new shares will be issued in the IPO, with listing expected late next month.

GS Retail, established in 1971, recorded a net profit of 521 billion won last year on 3.4 trillion won in revenue in fiscal 2010

GS Holdings Corp is the top shareholder, with an about 66 percent stake.

Woori Investment & Securities Co Ltd and Korea Investment & Securities Co Ltd are lead managers of the deal, with Shinhan Investment Corp as co-manager. (Editing by Chris Lewis)