SEOUL, Oct 18 (Reuters) - South Korean train manufacturer Hyundai Rotem Company has raised about 622.4 billion won ($585.22 million) in an initial public offering, selling shares at the top of an indicative range.
The offering of 27.06 million shares was priced at 23,000 won per share after being marketed in a 17,000-23,000 won range, the company said in a filing on Friday.
Hyundai Rotem has earmarked the majority of the proceeds for paying down debt and improving the firm's financial structure, Chief Financial Officer Kim Young-gon told reporters on Wednesday.
The company, prior to the IPO, was 57.64 percent owned by Hyundai Motor Co with the rest owned by a Morgan Stanley fund.
It controls over 90 percent of the domestic train market and makes battle tanks and production lines for car and steel plants. It reported 175 billion won in operating profit for 2012 on 3.1 trillion won of revenue.
Bank of America Merrill Lynch, Deutsche Bank , Daewoo Securities and Woori Investment & Securities are the IPO's global coordinators and joint bookrunners. ($1 = 1063.5250 Korean won) (Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)