IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> priced its IPO at JPY1,200 per share to raise gross proceeds of US$339 million. The shares will start trading on 24 July.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tryt-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:105670" rel="noopener">TRYT IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/tryt-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:105712" rel="noopener">TRYT IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/tryt-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:106020" rel="noopener">TRYT IPO: Valuation Insights</a> and <a href="https://www.smartkarma.com/insights/tryt-ipo-revised-ipo-price-range-remains-unattractive" target="_blank" data-smartkarma-citation="insights:106233" rel="noopener">TRYT IPO: Revised IPO Price Range Remains Unattractive</a>. </li>
<li>The market sentiment on the sector has broadly remained unchanged since the release of the prospectus. Our analysis suggests that Tryt is, at best, fully priced at the IPO price.</li>
</ul>



Tryt Inc (9164 JP) priced its IPO at JPY1,200 per share to raise gross proceeds of US$339 million. The shares will start trading on 24 July.
We previously discussed the IPO in TRYT IPO: The Bull Case, TRYT IPO: The Bear Case, TRYT IPO: Valuation Insights and TRYT IPO: Revised IPO Price Range Remains Unattractive. 
The market sentiment on the sector has broadly remained unchanged since the release of the prospectus. Our analysis suggests that Tryt is, at best, fully priced at the IPO price.


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> raised around US$344m in its Japan IPO. The IPO consisted of 100% secondary shares.</li>
<li>Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>



Tryt Inc (9164 JP) raised around US$344m in its Japan IPO. The IPO consisted of 100% secondary shares.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note we will talk about the trading dynamics.


Tryt IPO Trading - Subscription Rates Mostly Outdid Recent Large Japan Deals

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> has disclosed a revised IPO price range of JPY1,100-1,300 per share, which is -32% to -20% below the IPO reference price of JPY1,620 per share.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tryt-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:105670" rel="noopener">TRYT IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/tryt-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:105712" rel="noopener">TRYT IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/tryt-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:106020" rel="noopener">TRYT IPO: Valuation Insights</a>. </li>
<li>Our analysis suggests that Tryt remains unattractively valued at the revised IPO price range. Also, market sentiment on the sector has weakened. We would pass on the IPO.</li>
</ul>



Tryt Inc (9164 JP) has disclosed a revised IPO price range of JPY1,100-1,300 per share, which is -32% to -20% below the IPO reference price of JPY1,620 per share.
We previously discussed the IPO in TRYT IPO: The Bull Case, TRYT IPO: The Bear Case and TRYT IPO: Valuation Insights. 
Our analysis suggests that Tryt remains unattractively valued at the revised IPO price range. Also, market sentiment on the sector has weakened. We would pass on the IPO.


TRYT IPO: Revised IPO Price Range Remains Unattractive

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> is looking to raise up to US$360m in its Japan IPO.</li>
<li>Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>In this note, we will revisit our earnings assumptions and share our thoughts on valuation at the final price range.</li>
</ul>



Tryt Inc (9164 JP) is looking to raise up to US$360m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note, we will revisit our earnings assumptions and share our thoughts on valuation at the final price range.


Tryt IPO - Valuation Seems Digestible at the Bottom End, but the Firm Still Needs to Get a Lot Right

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a>, a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tryt-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:105670" rel="noopener">TRYT IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/tryt-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:105712" rel="noopener">TRYT IPO: The Bear Case</a>. </li>
<li>In this note, we discuss valuation. Our analysis suggests that Tryt is unattractively valued at the IPO reference price of JPY1,620 per share. We would pass on the IPO.</li>
</ul>



Tryt Inc (9164 JP), a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.
We previously discussed the IPO in TRYT IPO: The Bull Case and TRYT IPO: The Bear Case. 
In this note, we discuss valuation. Our analysis suggests that Tryt is unattractively valued at the IPO reference price of JPY1,620 per share. We would pass on the IPO.


Japan

Open Up Group Inc. provides temporary help services. The Company provides personnel staffing services, technician staffing services, overseas staffing services, and other services. Open Up Group also provides office building leasing, restaurants management, vocational training, and other services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Open Up Group (2154 JP)

TRYT IPO: Trading Debut

The market sentiment on the sector has broadly remained unchanged since the release of the prospectus. Our analysis suggests that Tryt is, at best,...

Arun George

Tryt IPO Trading - Subscription Rates Mostly Outdid Recent Large Japan Deals

Tryt Inc (9164 JP) raised around US$344m in its Japan IPO. The IPO consisted of 100% secondary shares. In this note we will talk about the trading...

Clarence Chu

TRYT IPO: Revised IPO Price Range Remains Unattractive

Our analysis suggests that Tryt remains unattractively valued at the revised IPO price range. Also, market sentiment on the sector has weakened. We...

Arun George

Tryt IPO - Valuation Seems Digestible at the Bottom End, but the Firm Still Needs to Get a Lot Right

Tryt Inc (9164 JP) is looking to raise up to US$360m in its Japan IPO. In this note, we will revisit our earnings assumptions and share our...

Clarence Chu

TRYT IPO: Valuation Insights

Our analysis suggests that Tryt is unattractively valued at the IPO reference price of JPY1,620 per share. We would pass on the IPO.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)