News: HVN UPDATE 1-Australian's The Good Guys hires banks for IPO

(Adds JB Hi-Fi buyout, comparable valuation)

SYDNEY, May 23 (Reuters) - Australian appliances retailer The Good Guys Discount Warehouses (Australia) Pty Ltd on Monday said it had hired three investment banks to run a planned IPO which some analysts estimate could be worth about A$800 million ($578.00 million).

"The Good Guys has appointed Credit Suisse, Goldman Sachs and UBS as Joint Lead Managers to support its planned initial public offer and listing on the Australian Securities Exchange," the company said in a statement.

It would also consider any alternate ownership proposals that emerge, it added. On May 19, electronics retailer JB Hi-Fi Ltd (JBH) said it was in preliminary talks with The Good Guys about a possible buyout proposal.

The Good Guys gave no details of the size or timing of its prospective IPO. It said it had annual sales of about A$2 billion.

Sydney-listed electronics and home appliances retailer Harvey Norman Holdings Ltd (HVN) has a market capitalisation of about two times its A$2.7 billion annual revenue.

The IPO could raise about A$800 million but JB Hi-Fi would have to pay a premium to take over the business, Morningstar analyst Farina Parsons said.

"It's probably very good timing (for a listing) but not so much for JB Hi-Fi trying to buy them at a reasonable price," Parsons said, referring to a housing boom that is fueling demand for appliances.

The Good Guys, which shares ownership of its stores with franchisees, said a plan for full ownership of its stores was on track for completion by the end of the 2016 financial year.

($1 = 1.3841 Australian dollars)