The Firm represented Hyundai Rotem Company (“Hyundai Rotem”) in connection with its initial public offering in Korea of 27,060,000 common shares with an offering size of approximately US$585 million. This offering was the largest IPO by a Korean company since 2010.
The common shares will be listed on the KRX KOSPI Market of the Korea Exchange under the code 064350. Hyundai Rotem issued and sold 21,060,000 common shares and MSPE Metro-Investment, an affiliate of Morgan Stanley Private Equity Asia, sold 6,000,000 shares as selling shareholder. The shares of Hyundai Rotem have been offered to retail and institutional investors in Korea as a registered IPO in Korea and in reliance on exemptions under the U.S. Securities Act, including Rule 144A and Regulation S.
Hyundai Rotem, a member company of the Hyundai Motor Group, is a leading heavy industries company in Korea manufacturing rolling stock, defense products and plant equipment. Hyundai Rotem has dominant market positions in the railway systems segment in Korea and is the Korean government’s sole defense contractor for main battle tanks.
The international offering was led by BofA Merrill Lynch, Deutsche Bank, KDB Daewoo Securities and Woori Investment & Securities, and the domestic offering was led by Daewoo Securities and Woori Investment & Securities.
The Simpson Thacher team for the transaction included Youngjin Sohn, Iksoo Kim and John Hahn (Corporate – Seoul), Jonathan Cantor and Michael Cardella (Tax) and Aimee Adler (ECEB).
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