K Car in ₩337 Billion IPO

October 13, 2021

Cleary Gottlieb represented K Car Co. Ltd. (K Car) and Hahn & Co. Auto Services Holdings Co. Ltd., the selling shareholder, in K Car’s ₩337 billion (approximately $285 million) initial public offering of common shares.

Goldman Sachs and NH Investment & Securities served as joint global coordinators and joint bookrunners. The shares were sold through a public offering in Korea and a Rule 144A/Reg S offering elsewhere. The offering priced on September 29, 2021, and closed on October 6, 2021. The common shares began trading on the KRX KOSPI Market of the Korea Exchange on October 13, 2021.

K Car is Korea’s premier retailer of certified pre-owned cars with the industry-leading scale and e-commerce platform that is pioneering a better way to buy and sell used cars. K Car’s market share was 3.4% in terms of revenue from all used car sales in Korea (including C2C sales) in 2020, making it the largest player by revenue in Korea. In addition, it is the undisputed leader in the used car e-commerce market in Korea with an estimated online market share of 81% in terms of units sold (excluding C2C sales, sales from online auctions and other B2B sales completed online) in 2020.