Daily Brief ECM: [Japan Offering] IDaaS Provider Hennge (4475 JP) Announces Offering For Last Minute TOPIX Entry and more

• On Friday 2 October, just three business days before the TSE announces the restructuring of the TOPIX Index which would not include it, Hennge KK (4475 JP) squeezes in.
• To effect that inclusion, the company has announced a secondary equity offering where three of the top four execs (all with the company nearly 30yrs) are selling 1.75mm shares and… 
• …there is a new share offering of 1.1mm shares. Total should be about US$30mm. 5x ADV. ~9% of shares out. Supply/demand dynamics are interesting. The stock is not cheap.

• Uranium Royalty Corp. is a diversified royalty and streaming company focused on uranium and critical minerals, holding various royalty interests and physical uranium inventory.
• The company holds royalty interests in 24 uranium properties and 7 soda ash/trona operations, and is a large Wyoming landowner. It acquired Sweetwater Entities on July 27, 2026.
• For six months ended June 30, 2026, the company reported $43,114 thousand revenue and $14,946 thousand net income, with $602,990 thousand net long-term debt.

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• VSee Health, Inc., through its subsidiary iDoc, provides high acuity patient care solutions, specifically specialty intensive care unit services, aiming to bridge care gaps.
• VSee Health provides high acuity patient care solutions through iDoc, serving diverse customers from hospital systems to the federal prison system.
• The company reported operating losses and an accumulated deficit, with substantial doubt about its ability to continue as a going concern.

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• WhiteHawk Minerals Corp. is a natural gas mineral and royalty business focused on delivering cash flow and total returns to investors through disciplined acquisition and ownership of high-quality interests.
• WhiteHawk Minerals achieved approximately 38% cash-on-cash return to initial investors through 49 consecutive monthly cash dividends prior to the IPO.
• WhiteHawk Minerals is a premier natural gas mineral and royalty company, but it restated financial statements and identified material weaknesses in internal controls.

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• GCash (Mynt) (GCASH PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. The listing is on 20 October.
• I discussed the IPO in Mynt (GCash) IPO: The Investment Case and Mynt (GCash) IPO: 2Q and Valuation Update. 
• The cornerstone commitment is unchanged at PHP36.5bn, about 69% of the offer. GCash is fairly valued at the IPO price.