SK C&C plans W540b initial public offering

SK C&C Co., the information-system unit of Korea`s third largest conglomerate, plans a 540 billion won ($454 million) initial public offering this month.

The company`s shareholders will sell 18 million shares for 30,000 won each, compared with its initial target of 15 million shares at a marketed range of between 28,000 won and 32,000 won, Seoul-based SK C&C said in a regulatory filing yesterday. Woori Investment & Securities Co. is the lead arranger for the sale.

The unit of SK Group put an IPO plan on hold in July 2008 as the nation`s stock market headed for its worst year in eight. SK C&C won approval again in June to list shares on the nation`s main board. This will be the second largest Korean IPO this year. Jinro Ltd.`s 590.4 billion won IPO is the biggest by a Korean company so far.

SK Telecom Co., SK C&C`s second-largest shareholder, will sell its 21 percent stake in SK C&C, while SK Networks will sell a 15 percent stake, according to the filing. (Bloomberg)