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ING Life Insurance Company Listed on the KOSPI Market

11 May 2017

On May 11, 2017, ING Life Insurance Korea, Ltd. launched its initial public offering (the “IPO”) of 33.5 million shares held by its existing shareholders at KRW 33,000 per share on the KOSPI Market.  The IPO was valued at over KRW 1 trillion.

Our representation in this first-of-its-kind IPO:

ING Life Insurance Korea’s IPO marks a significant milestone for the Korean capital market as it is the first-of-its-kind case in South Korea, where a 100% majority shareholder collaborated with a private equity fund (“PEF”) to undertake the IPO (allowing the PEF to retrieve its investment through the same vehicle).

Kim & Chang successfully advised ING Life Insurance Korea on all aspects of the listing process, including review of all required documents for the IPO, advice on the lock-up process involving unique IPO arrangement, advice relating to employee-owned stock program, and due diligence.