In today’s briefing:
- [Japan ECM/Index] Japan Business Systems (5036) Offering Triggers Move to TOPIX
- IFAST Placement – Great Track Record but the Stock Is Toppish
- Guzman IPO Lockup – Last of the Lockups for a US$750m+ Release
- Bluestone Jewellery IPO Trading – Tepid Demand
[Japan ECM/Index] Japan Business Systems (5036) Offering Triggers Move to TOPIX
- Japan Business Systems (5036 JP) today announced a couple of interesting things. First, admission to TOPIX (contingent on a successful secondary offering of shares, also announced today).
- Then a ¥5/share special commemorative dividend (0.4%) and a “gift” of 4% of the company to a J-ESOP Trust for employees, where the company gifts the shares.
- The latter looks aggressive/generous, but the modalities here are interesting.
IFAST Placement – Great Track Record but the Stock Is Toppish
- Temasek aims to raise around US$104m via selling nearly half of its stake in iFAST (IFAST SP).
- The stock has done exceptionally well over the past few years, however, it is now trading at its all time highs.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Guzman IPO Lockup – Last of the Lockups for a US$750m+ Release
- Guzman Y Gomez (GYG AU) raised around US$221m in its Australian IPO. Its final IPO linked lockup expiry is due soon.
- GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
- In this note, we will talk about the lockup dynamics and possible placement.
Bluestone Jewellery IPO Trading – Tepid Demand
- Bluestone Jewellery and Lifestyle Ltd (BJL) raised around US$176m in its India IPO.
- BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.
- We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.
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