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UPDATE 1-S.Korea's SKIET IPO expected to be worth at least $1.5 bln - parent

(Adds company valuation, timing of listing, background)

SEOUL, March 31 (Reuters) - SK Innovation Co Ltd said on Wednesday its unit SK IE Technology’s (SKIET) planned initial public offering (IPO) is expected to be worth at least 1.7 trillion won ($1.5 billion) -- at the low end of an indicative range.

SK Innovation said in a regulatory filing it expects to offer about 12.8 million existing shares in SKIET, worth about 1 trillion won -- at the low end of an indicative range of 78,000-105,000 won per share.

SKIET will also offer about 8.6 million new shares in the IPO, SK Innovation said in another filing, which will raise about 667 billion won -- at the low end of the indicative range.

The total offering will be about 30% of shares after listing, and expected to value SKIET at 5.6 trillion won or more, SK Innovation said in a statement.

SKIET develops separators, a key component in lithium-ion batteries.

SKIET is expected to price the IPO in late April and list sometime in May, SK Innovation said.

Robust investor demand has fuelled listings in South Korea, An IPO by vaccine developer SK Bioscience Co Ltd earlier this month was the biggest in Seoul in nearly four years.

$1 = 1,132.6700 won Reporting by Joyce Lee; Editing by Jacqueline Wong & Simon Cameron-Moore

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