Paul Hastings assists Krafton, KakaoBank IPOs

IPO game

Paul Hastings advised Krafton, a South Korean game developer, on its USD3.8 billion global offering and listing on the Korea Exchange.

The firm also advised KakaoBank – a South Korean mobile-only bank established by Korea Investment Holdings – and Korea’s leading internet conglomerate, Kakao, on its USD2.2 billion IPO on the Korea Exchange.

Krafton’s listing is the second-largest IPO in the country’s capital markets to date and the largest listing of 2021, followed by KakaoBank’s IPO. The country’s biggest IPO was Samsung Life Insurance in 2010, with a USD4.5 billion valuation.

The team advising Krafton was led by corporate partner Kim Dong Chul, with support from associate Lee Eun Ju, while the team advising KakaoBank was led by corporate partner Kim Iksoo, with support from associate Kim Sye Myung. All lawyers are based in Seoul.

“We believe that the IPO market in Korea will remain strong for the time being,” said Kim Dong Chul, “particularly in light of the growing expectation that big startups and spin-off companies will try to go public to gain access to wider capital markets.”