Paul Hastings represented the underwriters on the largest IPO in South Korea since 2017 as battery material maker SK IE Technology raised KRW2.25 trillion (USD2 billion), according to Korea Exchange data.
The law firm represented JP Morgan, Mirae Asset, Credit Suisse and Korean Investment & Securities as underwriters in the listing on the Korea Exchange. The Paul Hastings team in Seoul was led by corporate partner Kim Iksoo, with support from paralegals Margaret Lee Dongyeon and Elli Herry Park.
“We expect more transactions from this sector as the players scale up their operations in response to the rising global demand,” Kim told Asia Business Law Journal.
SK IE technology, a subsidiary of SK Innovation, is a South Korean manufacturer of lithium-ion battery separators and flexible cover windows. SK Innovation will retain a 61% stake in SK IE Technology after the listing and use the IPO proceeds to boost its affiliates’ valuations and nurture their growth.