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BKL Advises on SK Biopharm’s IPO

2020-07-09

SK Biopharmaceuticals Co., Ltd. (“SK Biopharm”) successfully consummated its initial public offering in Korea and listing on the KOSPI Market of the Korea Exchange (this “IPO”), which at the time, was recognized as the largest initial public offering in Korea since 2017, having raised approximately KRW 959.3 billion (approximately US$800.1 million) for SK Biopharm and its selling shareholder, SK Holdings Co., Ltd. (the “Selling Shareholder”)


In connection with this IPO, BKL acted as Korean legal counsel for the underwriters, NH Investment & Securities Co., Ltd., Citigroup Global Markets Korea Securities Limited, Korea Investment & Securities Co., Ltd., Morgan Stanley & Co. International PLC, Seoul Branch, Korea Investment & Securities Co., Ltd., SK Securities Co., Ltd., and Hana Financial Investment Co., Ltd. (the “Underwriters”)  


This IPO comprised of issuance, offering and sale by SK Biopharm of 13,313,250 new shares, and offering and sale by the Selling Shareholder of 6,265,060 existing shares in SK Biopharm, and included an international offering in accordance with Rule 144A and Regulation S under the US Securities Act of 1933, as amended. Despite the various difficulties persisting at the time promulgated by the COVID-19 pandemic situation, this IPO completed with huge success, attracting significant interest from investors. The success of this IPO is expected to contribute to the improvement of the financial situation of SK Biopharm and the SK group as a whole.


BKL’s IPO team, consisting of partners Eui Jong (EJ) CHUNG, Hee-Gang SHIN, Jeong-Hoon, LEE, and Seung-il HONG, associates Hyunjung KIM, Jung-Won HWANG, Jiseok LIM and Youna KIM, and foreign attorney (State of New York) Heesug CHUNG, contributed to the success of this IPO by efficiently providing the Underwriters with Korean legal advice throughout all stages of the listing preparation and initial public offering process on all aspects of the offering and listing, including (i) drafting and/or advising on the various transactional agreements, including a firm commitment underwriting agreement, (ii) performing legal due diligence on SK Biopharm and advising on Korean law issues in relation thereto, (iii) reviewing and advising on other legal materials and documents, including the Korean securities registration statement and Korean comfort letters, (iv) advising on the issuance, offering and sale for this IPO in general, and (v) issuing a legal opinion on certain Korean law issues. 

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