Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/okuma-corp" target="_blank" data-smartkarma-citation="entities:6688:1" rel="noopener">Okuma Corp (6103 JP)</a> today announced a secondary offering of 5.0mm shares (including greenshoe) from a relatively large number of financial crossholders. </li>
<li>That takes out about a third of them and not quite a quarter of the crossholders. There's more to go. And the register remains "blocked". </li>
<li>It looks headed to retail but this stock is very low volatility and is likely to remain that way. A large buyback to start in January offsets the overhang here.</li>
</ul>



Okuma Corp (6103 JP) today announced a secondary offering of 5.0mm shares (including greenshoe) from a relatively large number of financial crossholders. 
That takes out about a third of them and not quite a quarter of the crossholders. There's more to go. And the register remains "blocked". 
It looks headed to retail but this stock is very low volatility and is likely to remain that way. A large buyback to start in January offsets the overhang here.


[Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)

Aequitas Research

Hong Jie Seow

Independent Insight Provider

IPOs and Placements coverage across Asia Pacific

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>Sumitomo Mitsui Trust Bank, MUFG and others are looking to sell around US$104m of <a href="https://www.smartkarma.com/entities/okuma-corp" target="_blank" data-smartkarma-citation="entities:6688:1" rel="noopener">Okuma Corp (6103 JP)</a> stock.</li>
<li>This is a slightly large deal to digest, representing 13.2 days of three month ADV and 6.4% of outstanding stock.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Sumitomo Mitsui Trust Bank, MUFG and others are looking to sell around US$104m of Okuma Corp (6103 JP) stock.
This is a slightly large deal to digest, representing 13.2 days of three month ADV and 6.4% of outstanding stock.
In this note, we will talk about the placement and run the deal through our ECM framework.


Okuma Corp Placement: Strong Financial Performance in Recent Period

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, this week will probably see the last of the big listings in Asia this year</li>
<li>On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, this week will probably see the last of the big listings in Asia this year
On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.


ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

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

<ul>
<li>On Friday, after market close, <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a> finally issued a progress update on the MBK preconditional tender offer. The update, while mixed, should calm nerves. </li>
<li>The positive read-across is a pathway to regulatory approvals, the Homeplus saga has not derailed the offer, and the likely breach of the long-stop date is not a termination event.</li>
<li>The negative read-across is the lack of a revised tender start timeline, an unexplained delay in securing most regulatory approvals and ongoing uncertainty on the long-stop date.</li>
</ul>


On Friday, after market close, Makino Milling Machine Co (6135 JP) finally issued a progress update on the MBK preconditional tender offer. The update, while mixed, should calm nerves. 
The positive read-across is a pathway to regulatory approvals, the Homeplus saga has not derailed the offer, and the likely breach of the long-stop date is not a termination event.
The negative read-across is the lack of a revised tender start timeline, an unexplained delay in securing most regulatory approvals and ongoing uncertainty on the long-stop date.


Makino Milling Machine (6135 JP): Progress Update While Mixed, Should Calm Nerves

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>US equities were mixed as JPMorgan’s decline weighed on the Dow, small caps hit new highs on expected Fed easing, ahead of Wednesday’s rate decision.</li>
<li>Markets focused on Wednesday’s Federal Reserve decision, with futures pricing an 87% probability of another quarter-point cut</li>
<li>Okuma faces near-term pressure from a sizable share sale, but buybacks, low valuations and its AI-enabled Smart Factory platform support the longer-term outlook.</li>
</ul>


US equities were mixed as JPMorgan’s decline weighed on the Dow, small caps hit new highs on expected Fed easing, ahead of Wednesday’s rate decision.
Markets focused on Wednesday’s Federal Reserve decision, with futures pricing an 87% probability of another quarter-point cut
Okuma faces near-term pressure from a sizable share sale, but buybacks, low valuations and its AI-enabled Smart Factory platform support the longer-term outlook.


Ohayo Japan | US Markets Steady as Fed Decision Takes Center Stage

Japan

OKUMA Corporation manufactures machine tools and other industrial machinery. The Company produces computerized numerically controlled (CNC) machine tools including lathes, machining centers (MCs), grinders, and drilling machines.

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Okuma Corp (6103 JP)

[Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)

The Okuma secondary offering is large, but there is a buyback which will suck up more than half the offering over time. It will likely get placed...

Travis Lundy

Okuma Corp Placement: Strong Financial Performance in Recent Period

Sumitomo Mitsui Trust Bank, MUFG, and others plan to sell $104m of Okuma Corp stock, a significant deal representing 13.2 days of ADV and 6.4% of...

Hong Jie Seow

ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Makino Milling Machine (6135 JP): Progress Update While Mixed, Should Calm Nerves

While the update is arguably mixed as it lends support to both the bulls and bears, it is positively skewed, which should calm nerves and narrow...

Arun George

Ohayo Japan | US Markets Steady as Fed Decision Takes Center Stage

US equities mixed as JPMorgan weighs on Dow; Markets eyeing Wednesday's rate decision; Okuma faces near-term pressure from share sale but long...

Mark Chadwick

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[Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)

The Okuma secondary offering is large, but there is a buyback which will suck up more than half the offering over time. It will likely get placed...

Travis Lundy

Okuma Corp Placement: Strong Financial Performance in Recent Period

​Sumitomo Mitsui Trust Bank, MUFG, and others plan to sell $104m of Okuma Corp stock, a significant deal representing 13.2 days of ADV and 6.4% of...

Hong Jie Seow

ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Makino Milling Machine (6135 JP): Progress Update While Mixed, Should Calm Nerves

While the update is arguably mixed as it lends support to both the bulls and bears, it is positively skewed, which should calm nerves and narrow...

Arun George

Ohayo Japan | US Markets Steady as Fed Decision Takes Center Stage

​US equities mixed as JPMorgan weighs on Dow; Markets eyeing Wednesday's rate decision; Okuma faces near-term pressure from share sale but long...

Mark Chadwick

Sumitomo Mitsui Trust Bank, MUFG, and others plan to sell $104m of Okuma Corp stock, a significant deal representing 13.2 days of ADV and 6.4% of...

US equities mixed as JPMorgan weighs on Dow; Markets eyeing Wednesday's rate decision; Okuma faces near-term pressure from share sale but long...