SYDNEY, April 23 (Reuters) - HD Hyundai Marine Solution

is set to price its shares at the top of an indicative range to

raise 742 billion won ($538 million), two people with direct

knowledge of the matter said, in South Korea's largest initial

public offering in two years.

The people spoke on condition of anonymity as the

information was confidential.

The indicative price range for the 8.9 million shares to be

sold in the IPO was 73,300 won to 83,400 won each, regulatory

filings showed.

Hyundai Marine Solution will issue 4.45 million new shares

for the IPO, while existing 4.45 million shares will be offered

by private equity fund and second-largest shareholder KKR Inc

.

The parent company, HD Hyundai, will remain the

largest shareholder in Hyundai Marine, a ship maintenance and

repair service provider.

An official at Hyundai Marine said the company cannot

confirm the IPO share price and that it would be released on

Wednesday. KKR did not respond to a request for comment.

The deal is the largest South Korean IPO since battery maker

LG Energy Solution raised $10.72 billion in 2022,

according to Dealogic data.