Doosan Bobcat’s $783 Million Initial Public Offering

Simpson Thacher represented Doosan Bobcat Inc. (“Doosan Bobcat”) in connection with the initial public offering of 30,028,180 shares of its common stock.

The offering raised Won 901 billion (approximately US$783 million) in gross proceeds for the selling stockholders, which consisted of a group of Korean financial investors. The common shares of Doosan Bobcat were listed on the KRX KOSPI Market of the Korea Exchange under the code 241560 and offered by the selling shareholders as a registered IPO in Korea and in reliance on exemptions under the U.S. Securities Act of 1933, as amended, including Rule 144A and Regulation S, outside Korea. J.P. Morgan Securities and Korea Investment & Securities acted as global coordinators and joint bookrunners, and Credit Suisse Securities, Hanhwa Investment & Securities, HSBC and Shinyoung Securities acted as joint bookrunners.

Doosan Bobcat is a leading global manufacturer and distributor of construction equipment, related attachments and portable power equipment, focusing on the compact construction equipment market with premium brands and leading market positions in the U.S. and globally. Doosan Bobcat products serve various industries, including the construction, landscaping, agriculture, oil and gas, mining and manufacturing industries.

The Simpson Thacher team for the transaction included Youngjin Sohn (Picture), Iksoo Kim and Joongwon Park (Corporate – Seoul); Rob Holo and Jasmine Hay (Tax); and Jeanne Annarumma (ERISA).

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.

Involved fees earner: Youngjin Sohn – Simpson Thacher & Bartlett; Iksoo Kim – Simpson Thacher & Bartlett; Joongwon Park – Simpson Thacher & Bartlett; Robert Holo – Simpson Thacher & Bartlett; Jasmine Hay – Simpson Thacher & Bartlett; Jeanne Annarumma – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Doosan Bobcat Inc.;

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Author: Michael Patrini