The Firm represented the underwriters, led by NH Investment & Securities Co., Ltd., Citigroup Global Markets Korea Securities Limited, Daewoo Securities Co., Ltd. and Deutsche Securities Korea Co., Ltd., in the initial public offering of Innocean Worldwide Inc. (“Innocean”), a leading marketing communications company based in Korea. The offering raised approximately US$301 million.
The common shares of Innocean were listed on the KRX KOSPI Market of the Korea Exchange under the code 214320. The common shares were offered by Innocean and selling shareholders as a registered IPO in Korea and in reliance on exemptions under the U.S. Securities Act, including Rule 144A and Regulation S, outside Korea.
Innocean, a member company of the Hyundai Motor Group, is a global provider of integrated and customized marketing communications solutions, with regional headquarters covering the Americas, Europe, China and select countries in the emerging markets. In 2014, Innocean ranked second in the Korean advertising market with a market share of 26.3% in terms of gross billings and was the leading provider of overseas marketing communications services among Korean advertising companies.
The Simpson Thacher team for the transaction included Youngjin Sohn and Iksoo Kim (Corporate) and Judy Yan (Tax).