POSCO Specialty plans $500-$700 million IPO, picks bookrunners

SEOUL Tue Apr 17, 2012 5:20am EDT

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SEOUL (Reuters) - South Korea's POSCO Specialty Steel, owned by steelmaker POSCO (005490.KS), plans to raise between $500 million and $700 million in an initial public offering and has hired four banks as bookrunners, IFR reported on Tuesday.

Goldman Sachs (GS.N), KB Investment & Securities, Korea Investment & Securities and Tong Yang Securities (003470.KS) will manage the deal and POSCO Specialty Steel has yet to name a global co-ordinator.

The company is expected to list its shares in the fourth quarter, said IFR, a Thomson Reuters publication.

(Reporting by Daniel Stanton; Writing by Miyoung Kim; Editing by Himani Sarkar)