Global law firm Cleary Gottlieb has advised cable television operator CJ HelloVision on its 293 billion won ($267 million) South Korean IPO of common shares, marking the country’s largest IPO in almost 18 months.

The shares were sold through a public offering in Korea and a Rule 144A/Reg. S offering elsewhere. Shares began trading on the KRX KOSPI Market of the Korea Exchange on Nov. 9.

Cleary Gottlieb partner Yong Guk Lee led the team from the firm’s newly opened office in Seoul.

JP Morgan, Daewoo Securities and HI Investment & Securities were joint global coordinators and joint bookrunners on the transaction, while IBK Securities served as co-lead manager.

Excluding CJ HelloVision’s offering, companies have raised just $560 million in Korea through IPOs so far in 2012, compared with $2.3 billion last year, reports Reuters.

Despite the current sluggish IPO market, the country is gearing up for a series of offerings in 2013. Hyundai Rotem and SK Lubricants have selected advisers but have not yet set a timetable for an offering, spokesmen for the two companies told Reuters. POSCO Specialty Steel is also planning an up to $424 million IPO, which is expected to be priced after bookbuilding ends on Nov. 29.

Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.

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