The marine services arm of South Korean shipbuilder Hyundai Heavy Industries Holdings is targeting a valuation of $3 billion to $4 billion, said one of people, who declined to be identified as the information was private.

Hyundai Global Service did not immediately respond to requests for comment, while KKR declined to comment.

KB Securities, JPMorgan and UBS have been mandated to work on the offering, said a spokesperson for KB Securities. JPMorgan did not respond to a request for comment and UBS declined to comment.

The deal size is not finalised and subject to change, the sources said.

Hyundai Global Service provides marine aftersales, retrofit solutions, as well as digital transformation and bunkering services, according to KKR's website.

In 2021, Hyundai Heavy agreed to sell 38% of Hyundai Global Service shares to KKR for 646 billion won plus a cash dividend of 150 billion won from Hyundai Global Service.

KKR said at the time it valued Hyundai Global Service at about 2 trillion won ($1.5 billion).

South Korea's Doosan Robotics said on Tuesday it would price its IPO at the top of the price range to raise $317 million.

At that level, Doosan Robotics, which is majority owned by Doosan Corp, will be valued at $1.3 billion.

(Reporting by Kane Wu in Hong Kong and Scott Murdoch in Sydney; Additional reporting Joyce Lee and Heekyong Yang Seoul; Editing by Sumeet Chatterjee, Christopher Cushing and Edwina Gibbs)

By Kane Wu and Scott Murdoch