August 25, 2014 / 7:26 AM / 3 years ago

S.Korea's LIG Nex1 picks Woori and Korea Investment to advise IPO-sources

SEOUL, August 25 (Reuters) - South Korean defence company LIG Nex1 Co chose Woori Investment & Securities and Korea Investment & Securities to advise its planned IPO, sources with direct knowledge of the deal said on Monday.

The size of the listing, which may be completed by 2016, is expected to be around 500 billion won ($489.86 million), South Korean M&A publication Invest Chosun reported on Sunday.

A consortium led by South Korean private equity fund STIC Investments acquired a 49 percent stake in the unlisted maker of anti-submarine and cruise missiles for 420 billion won last year from LIG Corp, another source with direct knowledge of the stake sale had previously told Reuters.

LIG Corp, a holding company of LIG Group, still owns 51 percent of the firm.

The sources declined to be identified as they were not authorized to speak to media.

A spokesman for LIG Nex1 declined to comment on the timing or expected value of the IPO.

Woori Investment is lead advisor.

1 US dollar = 1,020.7000 Korean won Reporting by Joyce Lee

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