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 target="_blank">Hogy Medical (3593 JP)</a> has recommended a tender offer from Carlyle at JPY6,700, a 2.1% premium to the last close and a 69.2% premium to the undisturbed price.</li>
<li>The offer, resulting from an auction, represents an all-time high and is above the midpoint of the IFA DCF valuation range. </li>
<li>Dalton (27.58% ownership ratio) has provided an irrevocable and will reinvest to take a 20% stake in the relevant Carlyle Fund. This is a done deal. </li>
</ul>



Hogy Medical (3593 JP) has recommended a tender offer from Carlyle at JPY6,700, a 2.1% premium to the last close and a 69.2% premium to the undisturbed price.
The offer, resulting from an auction, represents an all-time high and is above the midpoint of the IFA DCF valuation range. 
Dalton (27.58% ownership ratio) has provided an irrevocable and will reinvest to take a 20% stake in the relevant Carlyle Fund. This is a done deal. 


Hogy Medical (3593 JP): After Months of Speculation, Carlyle Lobs a Tender Offer at JPY6,700

Equity Capital Markets

SBI Shinsei Bank / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a> is a Japanese financial institution. At the IPO price, it will raise JPY322 billion (US$2.1 billion). The shares will be listed on 17 December.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/sbi-shinsei-bank-8303-jp-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:211376" rel="noopener">SBI Shinsei Bank (8303 JP) IPO: The Investment Case</a><a href="https://www.smartkarma.com/insights/sbi-shinsei-bank-8303-jp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:211514" rel="noopener"> </a>and <a href="https://www.smartkarma.com/insights/sbi-shinsei-bank-8303-jp-ipo-price-range-is-attractive" target="_blank" data-smartkarma-citation="insights:212880" rel="noopener">SBI Shinsei Bank (8303 JP) IPO: Price Range Is Attractive</a>.</li>
<li>The peers have re-rated since the prospectus was released. My analysis suggests that SBI Shinsei is attractively valued at the IPO price.</li>
</ul>



SBI Shinsei Bank (8303 JP) is a Japanese financial institution. At the IPO price, it will raise JPY322 billion (US$2.1 billion). The shares will be listed on 17 December.
I previously discussed the IPO in SBI Shinsei Bank (8303 JP) IPO: The Investment Case and SBI Shinsei Bank (8303 JP) IPO: Price Range Is Attractive.
The peers have re-rated since the prospectus was released. My analysis suggests that SBI Shinsei is attractively valued at the IPO price.


SBI Shinsei Bank (8303 JP) IPO: Trading Debut

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/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> was listed on 12th Oct 2022, when it raised US$457m in its upsized Japan IPO. Its six-month lockup will expire on 9th Apr 2023.</li>
<li>Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation in 2015.</li>
<li>Coming up for six-month lockup expiry are the Development Bank of Japan, Fujitsu and Panasonic, the trio had each trimmed their respective stakes in the IPO.</li>
</ul>



Socionext (6526 JP) was listed on 12th Oct 2022, when it raised US$457m in its upsized Japan IPO. Its six-month lockup will expire on 9th Apr 2023.
Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation in 2015.
Coming up for six-month lockup expiry are the Development Bank of Japan, Fujitsu and Panasonic, the trio had each trimmed their respective stakes in the IPO.


Socionext Lock-Up - Up 2.67x Since IPO. US$930m Worth of Shares to Be Unlocked

Tekscend Photomask / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> is a global leader in semiconductor photomasks. At the IPO price, Tekscend will raise JPY138 billion (US$910 million). The shares will be listed on 16 October.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:203592" rel="noopener">Tekscend Photomask (429A JP) IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:203753" rel="noopener">Tekscend Photomask (429A JP) IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:204079" rel="noopener">Tekscend Photomask (429A JP) IPO: Valuation Insights</a>. </li>
<li>The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.</li>
</ul>



Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. At the IPO price, Tekscend will raise JPY138 billion (US$910 million). The shares will be listed on 16 October.
I previously discussed the IPO in Tekscend Photomask (429A JP) IPO: The Bull Case, Tekscend Photomask (429A JP) IPO: The Bear Case and Tekscend Photomask (429A JP) IPO: Valuation Insights. 
The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.


Tekscend Photomask (429A JP) IPO: Trading Debut

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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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 (9166 JP),</a> along with a selling shareholder, is looking to raise around US$190m to partly fund its M&amp;A.</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 placement and run the deal through our ECM framework.</li>
</ul>



GENDA (9166 JP), along with a selling shareholder, is looking to raise around US$190m to partly fund its M&amp;A.
Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.
In this note, we will talk about the placement and run the deal through our ECM framework.


GENDA Placement - Good Track Record & Sort off Well Flagged but Relatively Large

Japan

PHC Holdings Corporation designs, develops, manufactures, and distributes medical devices. The Company produces blood glucose systems, diabetes management systems, and other related testing devices. PHC Holdings also offers medical information technology solutions development, life sciences development, and other services.

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PHC Holdings (6523 JP)

Hogy Medical (3593 JP): After Months of Speculation, Carlyle Lobs a Tender Offer at JPY6,700

The offer, resulting from an auction, represents an all-time high and is above the midpoint of the IFA DCF valuation range. Dalton has provided an...

Arun George

SBI Shinsei Bank (8303 JP) IPO: Trading Debut

The peers have re-rated since the prospectus was released. My analysis suggests that SBI Shinsei is attractively valued at the IPO price.

Arun George

Socionext Lock-Up - Up 2.67x Since IPO. US$930m Worth of Shares to Be Unlocked

Socionext just launched a US$2bn secondary extended offering, with the Development Bank of Japan, Fujitsu, and Panasonic looking to selldown their...

Clarence Chu

Tekscend Photomask (429A JP) IPO: Trading Debut

The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.

Arun George

GENDA Placement - Good Track Record & Sort off Well Flagged but Relatively Large

GENDA (9166 JP), along with a selling shareholder, is looking to raise around US$190m to partly fund its M&A. In this note, we talk about the deal...

Sumeet Singh

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