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

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<li>
<a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a> has announced a secondary offering of up to 29.7 million shares (34.2 million including overallotment), worth around US$0.7 billion (US$0.8 billion including overallotment).</li>
<li>Toyoda Gosei's primary goal with the secondary offering is to reduce <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a>'s shareholding to around 20% of outstanding shares.</li>
<li>The offering as a percentage of outstanding shares and ADV is large compared to recent large placements. The likely pricing date is 1 December.</li>
</ul>



Toyoda Gosei (7282 JP) has announced a secondary offering of up to 29.7 million shares (34.2 million including overallotment), worth around US$0.7 billion (US$0.8 billion including overallotment).
Toyoda Gosei's primary goal with the secondary offering is to reduce Toyota Motor (7203 JP)'s shareholding to around 20% of outstanding shares.
The offering as a percentage of outstanding shares and ADV is large compared to recent large placements. The likely pricing date is 1 December.


Toyoda Gosei (7282 JP): A US$0.8 Billion Secondary Offering

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" data-smartkarma-citation="entities:8244:1" rel="noopener">Leopalace21 Corp (8848 JP)</a> had a giant oopsie in 2018-2021 where they lost ¥180bn over three years because of defective construction requiring repairs. </li>
<li>Murakami and others got involved. Leopalace got financing from FIG (shares/SARs/loan), Murakami bailed. Eventually Hikari Tsushin got in. Leopalace got FIG out of their loan, doing a refi through Mizuho.</li>
<li>Cash was up, cashflow is strong. Business is changed/revived. Now Leopalace is buying back SARs it sold to FIG. FIG will still own 26%. The future is potentially interesting. Still. </li>
</ul>



Leopalace21 Corp (8848 JP) had a giant oopsie in 2018-2021 where they lost ¥180bn over three years because of defective construction requiring repairs. 
Murakami and others got involved. Leopalace got financing from FIG (shares/SARs/loan), Murakami bailed. Eventually Hikari Tsushin got in. Leopalace got FIG out of their loan, doing a refi through Mizuho.
Cash was up, cashflow is strong. Business is changed/revived. Now Leopalace is buying back SARs it sold to FIG. FIG will still own 26%. The future is potentially interesting. Still. 


[Japan Buyback] Leopalace (8848 JP) - A Giant Buyback To Get Fortress Partially Out

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<li>
<a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> has announced a secondary offering of 91.7 million shares, worth around US$1.9 billion.</li>
<li>The selling shareholder is <a href="https://www.smartkarma.com/entities/gmo-internet-group-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet Group (9449 JP)</a>. The secondary offering aims to increase the tradable share ratio to satisfy the TSE Prime Market's continued listing criteria.</li>
<li>The offering represents 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Pricing is likely to be on 5 June.</li>
</ul>



GMO Internet (4784 JP) has announced a secondary offering of 91.7 million shares, worth around US$1.9 billion.
The selling shareholder is GMO Internet Group (9449 JP). The secondary offering aims to increase the tradable share ratio to satisfy the TSE Prime Market's continued listing criteria.
The offering represents 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Pricing is likely to be on 5 June.


GMO Internet (4784 JP): A Huge US$1.9 Billion Secondary Offering

<ul>
<li>Since the announcement of the US$1.1 billion secondary offering, <a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a>’s shares have remained broadly unchanged at the undisturbed price of JPY1570.5 per share (7 April).</li>
<li>It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Suzuki's share performance is the joint best among recent large placements.</li>
<li>However, the shares have underperformed the Nikkei 225 index (up 7.9%). The offering will likely be priced on 14 April. The average large Japanese placement tends to generate positive returns.</li>
</ul>


Since the announcement of the US$1.1 billion secondary offering, Suzuki Motor (7269 JP)’s shares have remained broadly unchanged at the undisturbed price of JPY1570.5 per share (7 April).
It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Suzuki's share performance is the joint best among recent large placements.
However, the shares have underperformed the Nikkei 225 index (up 7.9%). The offering will likely be priced on 14 April. The average large Japanese placement tends to generate positive returns.


Suzuki Motor (7269 JP): The Current Playbook

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a> has announced a secondary offering of up to 95.7 million shares (110.1 million including overallotment), worth around US$1.1 billion (US$1.3 billion including overallotment).</li>
<li>Suzuki's goal with the secondary offering is (i) to reduce cross-shareholdings and (ii) to expand and diversify the shareholder base, which should further enhance liquidity.</li>
<li>Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 21 and 23 April (likely 21 April).</li>
</ul>



Suzuki Motor (7269 JP) has announced a secondary offering of up to 95.7 million shares (110.1 million including overallotment), worth around US$1.1 billion (US$1.3 billion including overallotment).
Suzuki's goal with the secondary offering is (i) to reduce cross-shareholdings and (ii) to expand and diversify the shareholder base, which should further enhance liquidity.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 21 and 23 April (likely 21 April).


Suzuki Motor (7269 JP): A US$1.1 Billion Secondary Offering

Japan

Hulic Company, Limited. operates real estate business and marketable securities investment business.  The Company also conducts environment related businesses.

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Hulic Co Ltd (3003 JP)

Toyoda Gosei (7282 JP): A US$0.8 Billion Secondary Offering

The offering as a percentage of outstanding shares and ADV is large compared to recent large placements. The likely pricing date is 1 December.

Arun George

[Japan Buyback] Leopalace (8848 JP) - A Giant Buyback To Get Fortress Partially Out

Leopalace21 sold shares and SARs to FIG in 2020. FIG is getting out of the SARs and the Leopalace buying back the dilution overhang. FCF is still...

Travis Lundy

GMO Internet (4784 JP): A Huge US$1.9 Billion Secondary Offering

The offering is enormous, representing 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Along with a...

Arun George

Suzuki Motor (7269 JP): The Current Playbook

Suzuki's share performance is the joint best among recent large placements but has underperformed compared to the Nikkei index. The average large...

Arun George

Suzuki Motor (7269 JP): A US$1.1 Billion Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 21 and...

Arun George

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