BKL Advises on Kakao Games’ IPO
Following on from the participation by Bae, Kim & Lee LLC (“BKL”) as Korean legal counsel in the recent hugely successful Korean IPO by SK Biopharm, BKL has acted as Korean legal counsel for yet another monumental Korean IPO and listing on the KOSDAQ Market of the Korea Exchange (the “IPO”) by Kakao Games Corp. (“Kakao Games”), representing the issuer.
Kakao Games’ IPO attracted a record-breaking response from investors, receiving a total of KRW 58.6 trillion in bids from retail investors, exceeding even SK Biopharm’s record of KRW 30.9 trillion, and being 1,524.85 times over-subscribed by retail investors. Kakao Games’ IPO price was determined at the top of the pricing band resulting in Kakao Games ranking fifth in terms of market capitalization in the KOSDAQ Market as of the listing date. For several days after the listing date, Kakao Games’ share price continued to hit the daily ceiling price, reflecting the explosive interest and expectation of the market.
Amid the COVID-19 pandemic situation affecting the global economy, BKL has successfully acted as Korean counsel for Kakao Games in its IPO, following on from BKL’s successful participation as Korean legal counsel in another recent successful IPO by SK Biopharm that had attracted great attention from the media and the market in June 2020, and once again, proved itself to be a leading Korean law firm in IPOs.
BKL’s IPO team, led by partners Hee-Gang SHIN and Seung Il HONG, and consisting of attorneys Youngjin HA and Hyun Jung KIM, provided Korean legal advice for the issuer Kakao Games on all aspects of the IPO, including reviewing and advising on legal and practical issues relating to the IPO, throughout all stages of the IPO and IPO preparation, starting from the early preparatory stages of the IPO, the Korea Exchange’s listing eligibility review process, submission of securities registration statement, and public offering, settlement and subscription process of the IPO.
Kakao Games is a unit of Korea’s top mobile messaging service provider Kakao Corp, and is engaged in the business of publishing and channeling mobile games and PC games through use of ‘Kakao Talk,’ the mobile messenger service provided by Kakao Corp., and ‘DAUM,’ one of the leading portal websites in Korea.