First NASDAQ IPO by Korean Issuer since 2005
SEOUL – Nov. 17, 2021 – Global law firm Greenberg Traurig, LLP represented DoubleDown Interactive Co., Ltd. (DoubleDown Interactive), as issuer’s counsel, and STIC Special Situation Diamond Limited, as selling shareholder’s counsel, in an initial public offering (IPO) of 6,316,000 American Depositary Shares (ADS) on the NASDAQ Global Select Market. The IPO, valued at $113.7 million at a price of $18.00 per ADS, was the first by a Korean foreign private issuer on NASDAQ since 2005. The IPO priced on August 30 and closed on September 2. B. Riley Securities, Inc. was the sole bookrunner for the IPO.
Established in 2008, DoubleDown Interactive is a developer and publisher of digital social casino games. Its flagship game, DoubleDown Casino, has been among the top 20 grossing mobile games annually on the Apple App Store since 2016.
The Greenberg Traurig team was led by capital markets shareholders Barbara A. Jones in Los Angeles, and Jang Hyuk Yeo and Eun Sang Hwang in Seoul. Also on the team were shareholder Robert D. Simon and associate James M. Maynor, Jr. in Northern Virginia, associate Tingying (Diana) Liu in San Francisco, project attorney Grace Darnsteadt in Los Angeles, and law clerk/JD Kevin Shin in Los Angeles. Simon and Maynor Jr. both advised on tax matters.
About Greenberg Traurig’s Asia Practice: Greenberg Traurig’s Asia Practice regularly represents companies throughout China, India, Japan, Korea, and Taiwan in their business dealings in the United States and abroad. The firm also advises U.S. and European companies engaging in transactions throughout the Asia-Pacific region. Attorneys provide strategic advice and legal services in connection with mergers and acquisitions, financings and securitization activities, intellectual property, trade and governmental strategies, international dispute resolution, infrastructure and project finance, export controls, and business immigration issues. The practice brings together attorneys based in the firm’s Shanghai, Seoul, and Tokyo offices along with numerous multilingual attorneys from across Greenberg Traurig’s global organization with experience handling client matters in Asia.
About Greenberg Traurig: Greenberg Traurig, LLP (GT) has approximately 2300 attorneys in 40 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 25 on the Am Law Global 100. The firm is net carbon neutral with respect to its office energy usage and Mansfield Rule 4.0 Certified Plus. Web: https://www.gtlaw.com/en