Paul Hastings LLP advised HD Hyundai Marine Solution, a leading independent vessel aftermarket solution provider, on its $545 million (KRW742.3 billion) global offering and listing on the Korea Exchange. J.P. Morgan, UBS and KB Securities acted as the joint global coordinators and joint bookrunners, and Hana Securities and Shinhan Securities acted as the joint bookrunners. The shares were priced at KRW83,400 each, at the top end of the indicative range. Global Vessel Solutions, L.P., a special purpose entity wholly owned by KKR, sold 4.45 million shares in the offering. The transaction is South Korea’s largest IPO since January 2022.

As the flagship vessel aftermarket solution provider of the HD Hyundai Group, HD Hyundai Marine Solution provides total vessel aftermarket solutions to its global customers encompassing the entire value chain from design and engineering through procurement and commissioning to delivery of vessel aftermarket solutions. Since 2016, the company has led the world’s vessel aftermarket solution industry by providing its solutions and services to more than 6,000 vessels and 2,000 customers in more than 100 countries. Proceeds from the IPO will be used for mergers and acquisitions, investments in inventory management, investments in new technologies, and other general corporate purposes.

Paul Hastings’ leading Korea practice has advised on a number of landmark capital markets transactions since 2021, including LG Energy Solution’s US$10.7 billion IPO, Krafton’s US$3.8 billion IPO, KakaoBank’s US$2.2 billion IPO, SK ie technology’s US$2 billion IPO, KakaoPay’s US$1.3 billion IPO, Hyundai Heavy Industries’ US$923 million IPO, HK inno.N’s US$523 million IPO, Doosan Robotics’ US$317 million IPO and K Car’s US$283 million IPO.

Partner Iksoo Kim led the Paul Hastings team, which also included partner Dong Chul Kim, associate Sye Myung Kim, and attorney David Park.

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