South Korean engine maker STX Enpaco Co Ltd may raise up to 29.9 billion won ($22.37 million) in a Seoul initial public offering, and shares will be listed and start trading on the main KOSPI index .KS11 on May 15.

STX Enpaco, a ship engine parts making unit of shipbuilding-to-heavy industry conglomerate STX Group, said in a filing to the Korea Exchange late on Friday that it plans to float 2.3 million shares in the range of 10,000 won to 13,000 won per share, making the IPO worth between 23 billion and 29.9 billion won.

Goodmorning Shinhan Securities and Woori Investment & Securities are lead managers, and Mirae Asset Securities is acting as an underwriter.

STX Enpaco, owned 51 percent by STX Engine (077970.KS: Quote, Profile, Research, Stock Buzz), won IPO approval by the Korea Exchange in late August. The company had then planned to offer shares at 33,000 won a piece, making the rights offering worth about 75.9 billion won.

Stock markets are still somewhat shaky, which is why we adjusted the prices a bit, an STX Enpaco spokesman said. (Editing by Nick Macfie)