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.

Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/guppy-s-inc" target="_blank" data-smartkarma-citation="entities:40692:1" rel="noopener">GUPPY's Inc (5127 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/medley-inc" target="_blank" data-smartkarma-citation="entities:31041:1" rel="noopener">Medley (4480 JP)</a>’s tender offer of JPY3,250 per share, an 81.0% premium to the undisturbed price (19 January). </li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 10.19% ownership ratio. </li>
<li>Despite the premium, the offer is light vs the IFA DCF valuation. Based on the irrevocables, the minimum acceptance condition requires a 23.4% minority acceptance rate, which is achievable. </li>
</ul>



GUPPY's Inc (5127 JP) has recommended Medley (4480 JP)’s tender offer of JPY3,250 per share, an 81.0% premium to the undisturbed price (19 January). 
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 10.19% ownership ratio. 
Despite the premium, the offer is light vs the IFA DCF valuation. Based on the irrevocables, the minimum acceptance condition requires a 23.4% minority acceptance rate, which is achievable. 


GUPPY's (5127 JP): Medley (4480 JP) Tender Offer at JPY3,250

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

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<li>
<a href="https://www.smartkarma.com/entities/medley-inc" target="_blank" data-smartkarma-citation="entities:31041:1" rel="noopener">Medley (4480 JP)</a> operates recruitment platforms in healthcare, elsewhere. <a href="https://www.smartkarma.com/entities/guppy-s-inc" target="_blank" data-smartkarma-citation="entities:40692:1" rel="noopener">GUPPY's Inc (5127 JP)</a> does too. They also offer exam prep for two niches where they have super-high market share.</li>
<li>GUPPY's was listed 18mos ago, and the founder wants out. The deal is a nice premium (+86%) but it isn't as generous a deal as it could be. </li>
<li>That said, the shareholder structure looks like this deal gets done pretty easily. </li>
</ul>



Medley (4480 JP) operates recruitment platforms in healthcare, elsewhere. GUPPY's Inc (5127 JP) does too. They also offer exam prep for two niches where they have super-high market share.
GUPPY's was listed 18mos ago, and the founder wants out. The deal is a nice premium (+86%) but it isn't as generous a deal as it could be. 
That said, the shareholder structure looks like this deal gets done pretty easily. 


Medley (4480) To Buy Out Guppy's (5127) At ¥3,250 (9.4x Aug26 EV/FCF)

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 (9164 JP)</a> was listed on the TSE on 22nd July 2023. The IPO had been a 100% secondary offering. </li>
<li>TRYT offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>Coming up for six-month lockup is the sole pre-IPO investor who had sold some of its stake earlier in the IPO.</li>
</ul>



TRYT (9164 JP) was listed on the TSE on 22nd July 2023. The IPO had been a 100% secondary offering. 
TRYT offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
Coming up for six-month lockup is the sole pre-IPO investor who had sold some of its stake earlier in the IPO.


TRYT Lock-Up - 60% of Outstanding to Be Released, Baring Would Have to Exit Sooner or Later

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<li>
<a href="https://www.smartkarma.com/entities/jmdc-inc" target="_blank" data-smartkarma-citation="entities:28673:1" rel="noopener">JMDC (4483 JP)</a> announced a partial tender offer for <a href="https://www.smartkarma.com/entities/omron-corp" target="_blank" data-smartkarma-citation="entities:15904:1" rel="noopener">Omron Corp (6645 JP)</a>, the largest shareholder. Omron aims to make JMDC a consolidated subsidiary.  </li>
<li>The offer is for a minimum of 12.0m shares (18.52% ownership ratio) and a maximum of 15.0m shares (23.08%) at JPY5,700 per share, a 22.4% premium to the undisturbed price.</li>
<li>Irrevocables (<a href="https://www.smartkarma.com/entities/noritsu-koki-co-ltd" target="_blank" data-smartkarma-citation="entities:3091:1" rel="noopener">Noritsu Koki (7744 JP)</a>) represent a 13.63% ownership ratio. While the offer is light, it will likely succeed as the minimum acceptance condition requires a 7.1% minority acceptance rate. </li>
</ul>



JMDC (4483 JP) announced a partial tender offer for Omron Corp (6645 JP), the largest shareholder. Omron aims to make JMDC a consolidated subsidiary.  
The offer is for a minimum of 12.0m shares (18.52% ownership ratio) and a maximum of 15.0m shares (23.08%) at JPY5,700 per share, a 22.4% premium to the undisturbed price.
Irrevocables (Noritsu Koki (7744 JP)) represent a 13.63% ownership ratio. While the offer is light, it will likely succeed as the minimum acceptance condition requires a 7.1% minority acceptance rate. 


JMDC (4483 JP): Omron’s Partial Tender Offer

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/genda-inc" target="_blank" data-smartkarma-citation="entities:39911:1" rel="noopener">Genda Inc (9166 JP)</a> raised around US$100m in its Japan IPO.</li>
<li>Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>



Genda Inc (9166 JP) raised around US$100m in its Japan IPO.
Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.
In this note we will talk about the trading dynamics.


Genda IPO Trading - Stronger Subscription Rates than the Recent Large JP IPO

Japan

Medley, Inc. operates medical webs. The Company provides medical human resource recruitment, medical system management, online medical treatment, medical information updating, and other services. Medley provides its services throughout Japan.

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Medley (4480 JP)

GUPPY's (5127 JP): Medley (4480 JP) Tender Offer at JPY3,250

This is a small-cap merger arb. Based on the irrevocables, the minimum acceptance condition requires a 23.4% minority acceptance rate, which is...

Arun George

Medley (4480) To Buy Out Guppy's (5127) At ¥3,250 (9.4x Aug26 EV/FCF)

Medley (4480) is buying out Guppy's (5127) to expand in the healthcare HR services business. Looks like a great deal, and entirely funded by debt....

Travis Lundy

TRYT Lock-Up - 60% of Outstanding to Be Released, Baring Would Have to Exit Sooner or Later

TRYT (9164 JP) was listed on the TSE on 22nd July 2023. Coming up for six-month lockup is the sole pre-IPO investor who had sold some of its stake...

Clarence Chu

JMDC (4483 JP): Omron’s Partial Tender Offer

While the offer is light, it will succeed as the minimum acceptance condition requires a low 7.1% minority acceptance rate. The tender offer runs...

Arun George

Genda IPO Trading - Stronger Subscription Rates than the Recent Large JP IPO

Genda Inc (9166 JP) raised around US$100m in its Japan IPO. Genda develops and operates amusement facilities in Japan. In this note we will talk...

Clarence Chu

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