Cleary Gottlieb represented J.P. Morgan, Korea Investment & Securities, Credit Suisse, Hanwha Investment & Securities, HSBC and Shinyoung Securities as underwriters in the pioneering IPO of Doosan Bobcat Inc.
The deal is the first international IPO of a “Korean holding company controlling a foreign company” under the Korea Exchange rules. The transaction, valued at ₩900.8 billion (approximately $789.8 million), involved the sale of common shares of Doosan Bobcat through a public offering in Korea with a Rule 144A/Reg. S international tranche. The offering priced on November 4, 2016, and closed on November 11, 2016. The shares began trading on the KRX KOSPI Market of the Korea Exchange on November 18, 2016.
Doosan Bobcat is an industry leader in the engineering, manufacturing and marketing of construction equipment and sells its products under the world-renowned Bobcat and Doosan brands.