On February 2, 2018, Kakao Corp. (“Kakao”) listed its Global Depositary Receipts (“GDRs”) on the Singapore Exchange (“SGX”).  Kakao, a listed company on the KOSPI, issued GDRs representing 8,261,731 shares through Citibank, N.A., its depository bank, and successfully listed the GDRs on the SGX.  Through this listing, Kakao was able to raise a total of USD 1 billion.

This listing was the largest overseas equity offering by a domestic issuer in a decade.

Our Representation:

Kim & Chang advised Kakao on all aspects of this transaction.  In addition to providing general listing services, our team also reviewed: (i) both the Singaporean and Korean laws for cross-border issues concerning conflicts that arise from a Korean company listing its GDRs on the SGX; (ii) the alignment of the Korean company’s Articles of Incorporation with the SGX regulations; and (iii) the listing regulations of the SGX.