Daily Briefs

By Small Cap Consumer Research

Several Japanese companies jumped onto the OBaaBM/TABaaBM (Own/Talk-About-Bitcoin-as-a-Business Model) last fall to this spring as Microstrategy Inc Cl A (MSTR US) shares went up and bitcoin did too.
Yesterday, resin coating/injection molding product maker Ikuyo Co Ltd (7273 JP) announced an M&A Policy, and a Shareholder Benefits Program where shareholders will “win” amounts of bitcoin by lottery.
Ikuyo expects revenues +955% this year. Details are sparse. The shareholder structure has red flags. The CEO sold himself half the company in Feb for peanuts. Forewarned. But it’s interesting.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

In today’s Morning Views publication we comment on developments of the following high yield issuers: Tata Motors, Nissan Motor
UST yields rose yesterday, ahead of an auction cycle beginning today. The UST curve bear steepened, with the yield on the 2Y UST rising 1 bp to 3.90%, while that on the 10Y UST climbed 3 bps to 4.38%.
Equities retreated from record high levels after US President Donald Trump unveiled his tariff plans for countries that have yet to secure a trade deal with Washington. The S&P 500 fell 0.8% to 6,230, while the Nasdaq was down 0.9% at 20,413.

Pre-IPO Liuliu Orchard – Hard to Achieve High Growth Due to the Lack of Product Competitiveness

By Xinyao (Criss) Wang

Liuliu adopts a light asset model for cost control. Through OEM production model, Liuliu has avoided the risk of heavy asset investment, so its gross margin is higher than peers.
In the context of fierce competition, how to keep high performance growth while maintain profit margin is not easy.We’re not optimistic about Liuliu’s “single product category + marketing/promotion driven” business model.
Sequoia ceased to be Liuliu’s Shareholder in 2025, right before this IPO, which is not a good signal. In our view, valuation of Liuliu should be lower than peers.

BBW: 2H Signposts: Winning with Multiple Drivers; Reiterate Buy, $65 PT

We are reiterating our Buy rating, $65 price target and projections for Build-A-Bear as we look at key trends for 2HFY25 and beyond.
We believe the company remains ideally positioned, with multiple drivers in store, internationally and third party operations to register top and bottom line upside for 2H and beyond, and to continue to capture further margin expansion.
Further, we believe there remains online opportunities to continue to expand the overall Build-A-Bear universe.

SLIGR NA – What’s News in Amsterdam – 8 July (Shell | Household consumption | Corporate agenda)

By The IDEA!

In this edition: • Shell | 2Q25 update: a clear profit warning • Dutch household consumption | up 1.1% YoY in May • Corporate agenda | week 29 – 34

GES: 2H Signposts: Reproving the Model; Reiterate Buy, $23 PT

By Small Cap Consumer Research

We are reiterating our Buy rating, $23 price target, and projections for Guess?
as we look at key trends for 2HFY26 and beyond.
GES, trading at 7.2X our FY26 EPS, has remained fully in “show me” mode with investors since the rag and bone acquisition (April 2024) and weakness in Guess?

The Change in Record Date Is Difficult, and Most AGMs Next Year Will Be Held in June

By Aki Matsumoto

T&D Holdings and HOYA, two March fiscal year-end companies that filed their annual securities reports more than 2 weeks ago this year, have previously filed their reports 2-3 weeks earlier.
Only two companies will revise articles of incorporation this year and postpone the record date. Most companies will hold AGM in June next year and file reports just before AGM.
Since institutional investors decide their votes based on various aspects of the company as a whole, companies should disclose their annual securities reports well in advance of AGM.

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Jul 09

Daily Brief Industrials: Samsung C&T, Adani Enterprises, Zhejiang Galaxis Technology Group Co Ltd, Geekplus Technology and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Significance of The “3% Rule” In the Revision of the Commercial Act in Korea
The Adani Factor: Creating India’s Biggest PVC Capacity
Zhejiang Galaxis Pre-IPO Tearsheet
Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand

Significance of The “3% Rule” In the Revision of the Commercial Act in Korea

One of the most important changes in the revisions of the Commercial Act in Korea that was passed in the Parliament last week was the “3% rule.”
In this insight, we provide details of this 3% rule and how it is likely to significantly impact the Korean equity markets.
Major impact of the 3% rule is it is likely to shake up the BODs at many Korean companies. Many global activist investors will likely be more active in Korea.

The Adani Factor: Creating India’s Biggest PVC Capacity

By Nimish Maheshwari

India’s PVC market faces high import dependency, reaching 63% in FY25, due to stagnant domestic capacity and a widening 3 MMT demand-supply gap.
Adani and Reliance plan 2.5 MTPA domestic capacity expansion, bolstering production to reduce import reliance.
This aims to cut import dependency from 63% to under 30% by FY27, narrowing the gap to 1.4 MMT, enhancing domestic profitability.

Zhejiang Galaxis Pre-IPO Tearsheet

By Nicholas Tan

Zhejiang Galaxis Technology Group Co Ltd (1803536D CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Guotai and CITIC.
It is an intelligent intralogistics robotics expert dedicated to redefining supply chain operations through cutting-edge embodied robotics technologies.
Its robotics portfolio covers the entire spectrum of intralogistics operations, addressing the core functions of storage, sorting and transport.

Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand

By Nicholas Tan

Geekplus Technology (2590 HK) is looking to raise up to $300m in its upcoming Hong Kong IPO.
It is a leader in the global autonomous mobile robots (AMR) market.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

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Jul 09

Daily Brief Financials: Hokkoku Financial Holdings, Great Eastern Holdings, Korea Stock Exchange KOSPI 200, USD, NSDL, Industrivarden , Kaia, Tosei Corp, Chesnara PLC and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

[Japan Buybacks] – Japan Bank Metrics, Cross-Holdings and Banks Part 1
Great Eastern (GE SP): SGX The Winner As Shareholders Block Exit Offer
Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory
KOSPI 200: Event-Driven Strategies into the July 10 BoK Decision
Global FX: Deep-dive into global FX hedge ratios
NSDL IPO: The Bull Case
Industrivärden’s H1 2025: NAV Evolution, Discount, Target NAV, Replication
KAIA Part 1: The New Frontier for Web3 Mass Onboarding
Tosei Corp (8923 JP): 1H FY11/25 flash update
Chesnara plc (CSN): Landing the big one

[Japan Buybacks] – Japan Bank Metrics, Cross-Holdings and Banks Part 1

Japanese banks have been in a relative sweetspot for a couple of years. Higher rates, higher inflation, more FX volatility, better earnings, stronger buybacks. Cross-holding sales up but not spectacular.
The BOJ may raise rates but Trump Tariff retaliation/mitigation is a question. Elections the next two weeks and earnings the 2-3 weeks after that may keep things a question.
But buybacks should pick up. Lots announced in spring end at or before Q1 earnings. And I expect substantial new buybacks to be announced throughout the from Q1 results on.

Great Eastern (GE SP): SGX The Winner As Shareholders Block Exit Offer

After OCBC bumped terms for Great Eastern Holdings (GE SP) to $30.15/share via an Exit Offer, I wasn’t confident a 17.8% bump would dislodge Palliser. That appears the case.
At today’s EGM, 63.49% of minority shareholders – OCBC abstained – were in favour on the Offer, falling short of the 75% condition. There was no blocking % condition.
Shareholders voted for the resumption of shares via the issuance of shares (one-for-one bonus), satisfying the SGX free float requirement. The SGX, and dissenters, will be happy with the outcome.

Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory

By Arun George

The Great Eastern Holdings (GE SP) delisting resolution failed as it was not approved by at least 75% of disinterested shareholders.
The resumption of trading resolutions to restore the 10% free float requirement was passed. Trading will resume once the 10% free float requirement is met.
Minorities have secured a pyrrhic victory as the OCBC (OCBC SP) offer was light, but there is no obvious catalyst to re-rate the shares. Deal break price around S$21.49.

KOSPI 200: Event-Driven Strategies into the July 10 BoK Decision

By Gaudenz Schneider

Context: The Bank of Korea will announce its rate decision on July 10, 2025. This Insight compares market and option-implied expectations with historical KOSPI 200 reactions.
Highlights: While average market reactions to BoK moves are historically muted, options are pricing in elevated volatility. Two event-driven strategies are discussed.
Why Read: This Insight offers actionable, volatility-focused options strategies grounded in empirical data and current pricing—timely for traders seeking to monetize elevated volatility ahead of central bank and geopolitical events.

Global FX: Deep-dive into global FX hedge ratios

By At Any Rate

Market participants should look at a bigger picture view of positioning in US equities, rather than narrow metrics like IMM or market participants only
European countries, as well as Canada and Australia, are large holders of US equities, with pension funds being major players
Australian pension funds have over 800 billion in US equities, with a flow rate of 1.2% of GDP going into foreign equities, and have low FX hedge ratios which could be raised in the future

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

NSDL IPO: The Bull Case

By Arun George

National Securities Depository Limited/NSDL (NSDL IN) is the largest depository in India. It is seeking to raise US$400 million.
The depository market in India is a duopoly with high barriers to entry as each of the current depositories is promoted by large institutions.
The bull case rests on outperforming its key peer on several metrics, the core business’s solid performance, signs of margin recovery, cash generation, and no debt.

Industrivärden’s H1 2025: NAV Evolution, Discount, Target NAV, Replication

By Jesus Rodriguez Aguilar

Industrivärden’s NAV reached SEK 165.6 billion in H1 2025, up 4%, while C shares delivered a flat return and now trade at a 9.7% discount to NAV—below historical levels.
The portfolio is highly concentrated, with 91% of NAV in five stocks: Volvo, Sandvik, Handelsbanken, Essity, and SCA—making it easily replicable but sensitive to industrial sector cycles.
Management costs remain ultra-low at 0.08% of AUM, while net debt is just 2% of the portfolio. Credit quality is strong (A+/Stable), and dividends from holdings totaled SEK 9.4 billion.

KAIA Part 1: The New Frontier for Web3 Mass Onboarding

By Animoca Brands Research

In August 2024, Klaytn (backed by South Korea’s Kakao) and Finschia (developed by Japan’s LINE Tech Plus) merged to form the Kaia chain, a Layer 1 blockchain aimed at becoming Asia’s leading Web3 ecosystem.
LINE, the leading messaging app in Japan, Thailand, and Taiwan, boasts approximately 200 million high-value monthly active users, with over 80% penetration in key markets, and is partnering with Kaia to deliver a rich Web3 experience on its platform.
The key initiative of the Kaia-LINE NEXT partnership to onboard users from Web2 to Web3 is the Mini Dapp ecosystem, which mirrors the Telegram-TON partnership’s Game-Token-DeFi strategy, with the Kaia foundation driving developer engagement.

Tosei Corp (8923 JP): 1H FY11/25 flash update

By Shared Research

Revenue increased by 14.6% YoY to JPY66.1bn, with operating profit rising 18.1% YoY to JPY17.6bn.
The company revised its full-year forecast, lowering revenue by 3.9% but raising operating profit by 4.7%.
Assets under management reached JPY2.67tn, exceeding fiscal year-end targets, driven by new asset management contracts.

Chesnara plc (CSN): Landing the big one

By Hardman & Co

After a longer wait than planned, Chesnara has announced a large acquisition, HSBC Life (UK).
At a cost of £260m, it is over 70% of Chesnara’s pre-announcement market capitalisation and will be funded by a mixture of equity, existing cash resources (primarily from the earlier Tier 2 bond issue) and drawing down from a newly increased revolving credit facility.
The rights issue should complete by 23 July 2025, with deal completion in early 2026.

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Jul 09

Most Read: Horizon Robotics, NTT DC REIT, Hokkoku Financial Holdings, Renesas Electronics, Great Eastern Holdings, Samsung Electronics, Ikuyo Co Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

HSTECH Index Rebalance Preview: Universe Expansion Could Lead to One Change
NTT DC REIT IPO: Global Index Inclusions Later This Year + A Kicker
[Japan Buybacks] – Japan Bank Metrics, Cross-Holdings and Banks Part 1
Great Eastern (GE SP): OCBC Bumps Terms – $30.15/Share Exit Offer
[Quiddity Index] TOPIX July 2025 FFW Rebalance – $3bn+ a Side to Trade
Inconsistently Dovish Pricing
Great Eastern (GE SP): SGX The Winner As Shareholders Block Exit Offer
Samsung Electronics: Share Buyback of 3.9 Trillion Won
Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory
[Japan LolWut?] Ikuyo (7273) Says “Iku Yo!” – Bitcoin, M&A, Weirdness, More

HSTECH Index Rebalance Preview: Universe Expansion Could Lead to One Change

By Brian Freitas

The review period for the September rebalance of the Hang Seng TECH Index ended on 30 June, the changes will be announced on 22 August and implemented on 5 September.
No constituent changes will result in a one-way turnover of 4.1% and that will mean a round-trip trade of HK$15.2bn (US$1.94bn).
An expansion of the index universe could lead to one constituent change and that increases the one-way turnover to 6.2% and the round-trip trade to HK$23.1bn (US$2.94bn).

NTT DC REIT IPO: Global Index Inclusions Later This Year + A Kicker

By Brian Freitas

NTT DC REIT (NTTDCR SP) could raise up to US$824m in its IPO if the overallotment option is exercised and the stock is expected to start trading on 14 July.
Cornerstone investors will own 16.8% of shares out following the IPO but there is no lock-up on these shares. The sponsor will own 20%/25% depending on whether overallotment is exercised.
NTT DC REIT (NTTDCR SP) should be added to the smallcap segment of global indices in November and December while inclusion in local indices will take a lot longer.

[Japan Buybacks] – Japan Bank Metrics, Cross-Holdings and Banks Part 1

Japanese banks have been in a relative sweetspot for a couple of years. Higher rates, higher inflation, more FX volatility, better earnings, stronger buybacks. Cross-holding sales up but not spectacular.
The BOJ may raise rates but Trump Tariff retaliation/mitigation is a question. Elections the next two weeks and earnings the 2-3 weeks after that may keep things a question.
But buybacks should pick up. Lots announced in spring end at or before Q1 earnings. And I expect substantial new buybacks to be announced throughout the from Q1 results on.

Great Eastern (GE SP): OCBC Bumps Terms – $30.15/Share Exit Offer

The prior Offer for Great Eastern Holdings (GE SP) closed on the 12th July 2024, with OCBC holding 93.62%. Shares have been suspended ever since. Compulsory acquisition was not afforded.
To break the deadlock, I mused in This Needs To Be Sorted: Great Eastern (GE SP)’s Protracted Suspension, that OCBC needed to come out with a improved Offer of ~S$30/share.
That has now unfolded. Minorities have the option of a S$30.15/share Exit Offer; or voting for the resumption of trading, which will be possible via the issuance of bonus shares.

[Quiddity Index] TOPIX July 2025 FFW Rebalance – $3bn+ a Side to Trade

Four times a year, the TSE reassesses free float weights for listed stocks. Indices run by the TSE adjust their index shares (shares out x FFW x coefficient) in Jan/Apr/Jul/October.
Yesterday, the TSE announced its changes for this quarter. Combined with other adjustments on 30 July at the close, we expect 190+ events.
For now, we expect the trade is about US$3.3bn a side. At the top of the buy side, 16 names with more than $30mm to buy, averaging 5x ADV.

Inconsistently Dovish Pricing

By Phil Rush

Dovish market fears from April have unwound for the Fed, yet deepened for the BoE, despite broadly resilient data and cautious guidance from policymakers reluctant to cut.
Equity prices have relied on this resilience to recover, yet expectations for extended rate-cutting cycles imply it breaks. Payrolls only forced half of the gap to close.
We expect ongoing resilience to keep rolling market pricing for rate cuts later, with the unnecessary easing ultimately never being delivered by the BoE, Fed, or ECB.

Great Eastern (GE SP): SGX The Winner As Shareholders Block Exit Offer

After OCBC bumped terms for Great Eastern Holdings (GE SP) to $30.15/share via an Exit Offer, I wasn’t confident a 17.8% bump would dislodge Palliser. That appears the case.
At today’s EGM, 63.49% of minority shareholders – OCBC abstained – were in favour on the Offer, falling short of the 75% condition. There was no blocking % condition.
Shareholders voted for the resumption of shares via the issuance of shares (one-for-one bonus), satisfying the SGX free float requirement. The SGX, and dissenters, will be happy with the outcome.

Samsung Electronics: Share Buyback of 3.9 Trillion Won

Samsung Electronics announced today that it plans to conduct a large scale buyback worth 3.9 trillion won, of which 2.8 trillion won will be cancelled.
Samsung Electronics reported consolidated sales of 74 trillion won and operating profit of 4.6 trillion won in 2Q 2025, down 0.1% and 55.9% YoY, respectively.
The average daily trading volume (ADTV) of Samsung Electronics (005930 KS) (common shares) is 15.43 million. Therefore, the share buyback of 56.89 million (common shares) represents 3.7x of ADTV.

Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory

By Arun George

The Great Eastern Holdings (GE SP) delisting resolution failed as it was not approved by at least 75% of disinterested shareholders.
The resumption of trading resolutions to restore the 10% free float requirement was passed. Trading will resume once the 10% free float requirement is met.
Minorities have secured a pyrrhic victory as the OCBC (OCBC SP) offer was light, but there is no obvious catalyst to re-rate the shares. Deal break price around S$21.49.

[Japan LolWut?] Ikuyo (7273) Says “Iku Yo!” – Bitcoin, M&A, Weirdness, More

Several Japanese companies jumped onto the OBaaBM/TABaaBM (Own/Talk-About-Bitcoin-as-a-Business Model) last fall to this spring as Microstrategy Inc Cl A (MSTR US) shares went up and bitcoin did too.
Yesterday, resin coating/injection molding product maker Ikuyo Co Ltd (7273 JP) announced an M&A Policy, and a Shareholder Benefits Program where shareholders will “win” amounts of bitcoin by lottery.
Ikuyo expects revenues +955% this year. Details are sparse. The shareholder structure has red flags. The CEO sold himself half the company in Feb for peanuts. Forewarned. But it’s interesting.

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Jul 08

Daily Brief Australia: Aristocrat Leisure, South32 Ltd, Actinogen Medical and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

Australian Broker Call *Extra* Edition – Jul 07, 2025
South32 Ltd – The Overnight Report: Tariff Truce’s Soft Extension
Actinogen Medical — XanaMIA study enrols 100th patient

Australian Broker Call Extra Edition – Jul 07, 2025

By FNArena

Extra Edition of the Broker Call Report

South32 Ltd – The Overnight Report: Tariff Truce’s Soft Extension

By FNArena

A global perspective on what happened overnight

Actinogen Medical — XanaMIA study enrols 100th patient

By Edison Investment Research

Actinogen Medical announced on 30 June that it has recruited the 100th patient for its ongoing XanaMIA Phase IIb/III study assessing lead candidate Xanamem (emestedastat) in patients with biomarker-positive Alzheimer’s disease (AD). The company is on track to report a pre-planned interim efficacy (futility) analysis on 24-week data in early Q126, which, if successful, should strengthen confidence in the AD programme. After rolling forward our estimates, we obtain a total equity valuation of A$724.6m (versus A$673.8m previously).

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Jul 08

Daily Brief Quantitative Analysis: 🧠🎙️ The New Barbarians: AI Agent Edition and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

🧠🎙️ The New Barbarians: AI Agent Edition

🧠🎙️ The New Barbarians: AI Agent Edition

By William Mann

Systematic beats discretionary: Data-driven, rule-based macro strategies are outperforming traditional “gut feeling” approaches by using econometric models (ARIMA, GARCH, VAR) to identify regime-dependent opportunities and reduce behavioral biases in decision-making.
Current opportunity: The Q2 2025 environment (twist steepening yield curve + easing US-China trade tensions) systematically favors cyclicals (energy, materials, industrials) over rate-sensitive (utilities, REITs), creating cross-asset relative value trades.
AI-Enhanced evolution: Integrating machine learning with traditional models, alternative data sources (satellite imagery, credit card data) and deep reinforcement learning to capture more complex patterns that human discretionary traders miss.

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Jul 08

Daily Brief South Korea: Tongyang Life Insurance, LS Corp, Alteogen Inc, Korea Stock Exchange KOSPI 200 and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

A Tender Offer of Remaining Shares & Delisting of Tongyang Life Insurance by Woori Financial?
KRX Virtually Locks In Parentco Payout Rules for Spin-Off IPOs
Alteogen: 2nd Largest Shareholder Raises Stake & Requests Switching Listing from KOSDAQ to KOSPI
Tariff Risk Returns: Market Signals and Asia’s Volatility Momentum

A Tender Offer of Remaining Shares & Delisting of Tongyang Life Insurance by Woori Financial?

It has been reported that Woori Financial Group is considering on acquiring all of the remaining shares (21.2%) of Tongyang Life Insurance and delist it, making it a 100% subsidiary.
We believe that there is a high probability (70-80%+) that Woori Financial Group decides to acquire the remaining 21.2% stake in Tongyang Life Insurance held by minority shareholders.
Between cash and stock, we think that Woori Financial is likely to use cash to complete this deal, although the exact amount of market premium remains uncertain.

KRX Virtually Locks In Parentco Payout Rules for Spin-Off IPOs

By Sanghyun Park

KRX is set to spotlight Philenergy’s 2023 IPO as the model, pushing spin-off deals to reward parentco holders—like Philoptics’ move to hand out IPO shares.
Philoptics doubled pre-Philenergy IPO on crazy momentum, then round-tripped post-listing. Setups like this hint at bigger parentco moves ahead in future spin-off IPO plays.
SK Enmove IPO is scrapped; but SK Plasma (SK Discovery) still live; LS E-Link (LS Corp) also likely to be an early test case for the new parentco compensation framework.

Alteogen: 2nd Largest Shareholder Raises Stake & Requests Switching Listing from KOSDAQ to KOSPI

On 7 July, it was reported that Hyung In-Woo (second largest shareholder of Alteogen) recently raised his ownership in the company by 0.22% stake (about 39 billion won) last month.
Mr. Hyung has requested to Alteogen to switch the company’s listing from KOSDAQ to KOSPI to improve the company’s image and attract greater capital inflow from passive funds.
Alteogen is currently trading at P/E of 37.7x in 2026 and 31.6x in 2027 which are reasonable, considering the company’s significant sales and profit growth in the next three years.

Tariff Risk Returns: Market Signals and Asia’s Volatility Momentum

By Gaudenz Schneider

Context: The 90-day pause on US reciprocal tariffs expires on July 9, 2025. Japan, South Korea, Taiwan, and India, now face a return to steep US tariffs.
Highlights: Markets reacted sharply to the original tariff announcement in April, with volatility peaking. While implied volatility eased in May, it has since climbed again, suggesting rising investor concern.
Why Read: As markets face renewed risk of stress, this Insight helps investors understand which markets and sectors are most exposed, how volatility is evolving, and how best to position.

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Jul 08

Daily Brief Singapore: NTT DC REIT, Haw Par Corp, Far East Hospitality Trust and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

NTT DC REIT IPO: Global Index Inclusions Later This Year + A Kicker
StubWorld: Haw Par Looking Stretched
REIT Watch – 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

NTT DC REIT IPO: Global Index Inclusions Later This Year + A Kicker

By Brian Freitas

NTT DC REIT (NTTDCR SP) could raise up to US$824m in its IPO if the overallotment option is exercised and the stock is expected to start trading on 14 July.
Cornerstone investors will own 16.8% of shares out following the IPO but there is no lock-up on these shares. The sponsor will own 20%/25% depending on whether overallotment is exercised.
NTT DC REIT (NTTDCR SP) should be added to the smallcap segment of global indices in November and December while inclusion in local indices will take a lot longer.

StubWorld: Haw Par Looking Stretched