It is reported that Posco Specialty Steel, a subsidiary of South Korea's steel giant Posco planned to raise US$500 million to US$700 million in an initial public offering (IPO).

Besides, the company has hired four banks as book runners, Goldman Sachs, KB Investment & Securities, Korea Investment & Securities and Tong Yang Securities.

Posco Specialty Steel has not yet designated a global coordinator but is expected to list its shares in the fourth quarter this year.