MoFo doubles up on first Korean AIM float

Morrison & Foerster (MoFo) has taken on two roles in the first flotation of a Korean company on AIM.

The firm's London office secured mandates from the listing company, medical technology developer BHK, as well as nominated adviser and accounting bank Deloitte.

MoFo corporate partner Ed Lukins admitted it was unusual to combine the roles, but said: "In these situations there is not much conflict that can arise."

BHK received additional advice on Korean law from local firm Yoon Yang Kim Shin & Yu. The MoFo team was headed by Lukins, with support from London associates Georgie Shmuel, Mark O'Donnell, Kristian Shearsby and Stephanie Wingader on US securities law.

BHK achieved a market capitalisation?of?$80m (£39.47m) and is hoping to attract investment from the US by its AIM listing.

Lukins added: "A lot of American funds will invest in AIM companies, particularly life sciences. BHK thought that was an easier route than going to Nasdaq, which can be onerous in terms of reporting. It also wanted to retain its Korean listing."

BHK develops medical and digital technology, specialising in cell therapy, artificial organs and advanced consumer electronics. Its opening price on AIM was 84.5p per share.