Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> raised around US$259m in Mar 2024. Its IPO lockup is set to expire soon.</li>
<li>TH operates a network of retail stores in Japan that offer one-stop shopping under its everyday low price (EDLP) model.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Trial Holdings (5882 JP) raised around US$259m in Mar 2024. Its IPO lockup is set to expire soon.
TH operates a network of retail stores in Japan that offer one-stop shopping under its everyday low price (EDLP) model.
In this note, we will talk about the lockup dynamics and possible placement.


Trial Holdings IPO Lockup - Large Number of Small Holders Hold Around US$400m of Stock

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>
<a href="https://www.smartkarma.com/entities/alps-logistics-co-ltd" target="_blank" data-smartkarma-citation="entities:3935:1" rel="noopener">Alps Logistics (9055 JP)</a> recommended a pre-conditional tender offer from a <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co (KKR US)</a> subsidiary at JPY5,774, 32.7% and 69.8% premium to the last close and undisturbed price, respectively. </li>
<li>The pre-condition is approvals under competition laws of Japan, China, the EU, South Korea and Vietnam. The tender offer is expected to start in mid-August.</li>
<li>The offer represents an all-time high and is a knockout bid. While the timing of regulatory approvals is a risk, the transaction is a done deal. </li>
</ul>



Alps Logistics (9055 JP) recommended a pre-conditional tender offer from a KKR &amp; Co (KKR US) subsidiary at JPY5,774, 32.7% and 69.8% premium to the last close and undisturbed price, respectively. 
The pre-condition is approvals under competition laws of Japan, China, the EU, South Korea and Vietnam. The tender offer is expected to start in mid-August.
The offer represents an all-time high and is a knockout bid. While the timing of regulatory approvals is a risk, the transaction is a done deal. 


Alps Logistics (9055 JP): KKR’s Knockout Pre-Conditional Offer at JPY5,774

<ul>
<li>Following media reports, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a> announced a pre-conditional tender offer from KKR at JPY8,800 per share, a 1.0% discount to the last close price of JPY8,890 (8 August).</li>
<li>The pre-condition is approvals under competition laws of Japan, Vietnam and possibly Belgium. The offer is anticipated to commence in mid-September.</li>
<li>The offer is a knockout bid and the culmination of an auction process. The board's recommendation and the irrevocables from activist shareholders ensure this deal is done.</li>
</ul>


Following media reports, Fuji Soft Inc (9749 JP) announced a pre-conditional tender offer from KKR at JPY8,800 per share, a 1.0% discount to the last close price of JPY8,890 (8 August).
The pre-condition is approvals under competition laws of Japan, Vietnam and possibly Belgium. The offer is anticipated to commence in mid-September.
The offer is a knockout bid and the culmination of an auction process. The board's recommendation and the irrevocables from activist shareholders ensure this deal is done.


Fuji Soft (9749 JP): KKR Pre-Conditional Tender Offer at JPY8,800

<ul>
<li>
<a href="https://www.smartkarma.com/entities/descente-ltd" target="_blank" data-smartkarma-citation="entities:8225:1" rel="noopener">Descente Ltd (8114 JP)</a> has recommended a pre-conditional tender offer from <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a> at JPY4,350, 16.6% premium to the undisturbed price. </li>
<li>The pre-condition is approval under the competition laws of Japan and China. The offer is anticipated to commence in early November. In January 2019, Itochu completed a hostile partial offer.</li>
<li>While the offer is attractive vs peer multiples, it is light vs historical trading ranges. Securing the required acceptance rate could prove challenging as the price is light. </li>
</ul>



Descente Ltd (8114 JP) has recommended a pre-conditional tender offer from Itochu Corp (8001 JP) at JPY4,350, 16.6% premium to the undisturbed price. 
The pre-condition is approval under the competition laws of Japan and China. The offer is anticipated to commence in early November. In January 2019, Itochu completed a hostile partial offer.
While the offer is attractive vs peer multiples, it is light vs historical trading ranges. Securing the required acceptance rate could prove challenging as the price is light. 


Descente (8114 JP): Itochu’s (8001 JP) Light Pre-Conditional Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl Corp (4921 JP)</a> recommended <a href="https://www.smartkarma.com/entities/kirin-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16977:1" rel="noopener">Kirin Holdings (2503 JP)</a>’s tender offer of JPY2,690, a 42.7% premium to the undisturbed price. </li>
<li>The timing looks opportunistic as Fancl's shares are down 20% YTD. The offer period is from 17 June to 29 July.</li>
<li>While the offer is attractive vs peer multiples, it is light vs historical trading ranges. Securing the required acceptance rate could prove challenging as the offer price is light. </li>
</ul>



Fancl Corp (4921 JP) recommended Kirin Holdings (2503 JP)’s tender offer of JPY2,690, a 42.7% premium to the undisturbed price. 
The timing looks opportunistic as Fancl's shares are down 20% YTD. The offer period is from 17 June to 29 July.
While the offer is attractive vs peer multiples, it is light vs historical trading ranges. Securing the required acceptance rate could prove challenging as the offer price is light. 


Fancl (4921 JP): Kirin (2503 JP)’s Light JPY2,690 Tender Offer

Japan

TOKYO RAKUTENCHI CO., LTD. leases real estate properties mainly in Kinshi-cho, Tokyo.  The Company also operates restaurants, saunas, bowling alleys, game centers, karaoke places, and theaters.

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Tokyo Rakutenchi (8842 JP)

Trial Holdings IPO Lockup - Large Number of Small Holders Hold Around US$400m of Stock

Trial Holdings (5882 JP) raised around US$259m in Mar 2024. Its IPO lockup is set to expire soon which will release a large number of small...

Sumeet Singh

Alps Logistics (9055 JP): KKR’s Knockout Pre-Conditional Offer at JPY5,774

The precondition has been satisfied (Vietnam regulatory approval has been waived). The tender period is from 22 Aug to 4 Oct (30 business days),...

Arun George

Fuji Soft (9749 JP): KKR Pre-Conditional Tender Offer at JPY8,800

The offer is a knockout bid and the culmination of an auction process. The board's recommendation and the irrevocables from activist shareholders...

Arun George

Descente (8114 JP): Itochu’s (8001 JP) Light Pre-Conditional Offer

Securing the required acceptance rate could prove challenging as the offer price is light. There is a reasonable chance the shares will trade above...

Arun George

Fancl (4921 JP): Kirin (2503 JP)’s Light JPY2,690 Tender Offer

The timing is opportunistic. While the offer is attractive compared to peer multiples, it is light compared to historical trading ranges. Securing...

Arun George

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