In today’s briefing:
- Toyoda Gosei (7282 JP): A US$0.8 Billion Secondary Offering
- Toyoda Gosei Placement – Somewhat Expected but Relatively Large with Delayed Buyback
- SBI Shinsei Bank Pre-IPO – The Negatives – PAT Growth Aided by One-Offs, Margins Under Pressure
- SBI Shinsei Bank (8303 JP) IPO: Valuation Insights
- Northsand IPO: Priced at the Top, Narrative and Sentiments Possibly Justify Premium
- Aimed Bio IPO Book Building Results Analysis
- UltraGreen.AI Pre-IPO: Dominant Market Position Amid Favorable Industry Tailwind to Drive Growth
- Axbio (安序源) Pre-IPO: Structural Challenges
- Central Bancompany (CBC): Posts Strong First-Day Performance as It Transitions From OTC to Nasdaq
- NS Group Pre-IPO – Stable Growth in a Structurally Essential Market
Toyoda Gosei (7282 JP): A US$0.8 Billion Secondary Offering
- Toyoda Gosei (7282 JP) has announced a secondary offering of up to 29.7 million shares (34.2 million including overallotment), worth around US$0.7 billion (US$0.8 billion including overallotment).
- Toyoda Gosei’s primary goal with the secondary offering is to reduce Toyota Motor (7203 JP)‘s shareholding to around 20% of outstanding shares.
- The offering as a percentage of outstanding shares and ADV is large compared to recent large placements. The likely pricing date is 1 December.
Toyoda Gosei Placement – Somewhat Expected but Relatively Large with Delayed Buyback
- Toyota Motor (7203 JP) and Sumitomo Mitsui Financial Group (8316 JP) plan to raise around US$700m via selling down some of their stake in Toyoda Gosei (7282 JP).
- The deal is a large one to digest at over 20% of the company and 90 days of ADV.
- In this note, we will talk about the placement and run the deal through our ECM framework.
SBI Shinsei Bank Pre-IPO – The Negatives – PAT Growth Aided by One-Offs, Margins Under Pressure
- SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
- SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
- In this note we talk about the not-so-positive aspects of the deal.
SBI Shinsei Bank (8303 JP) IPO: Valuation Insights
- SBI Shinsei Bank (8303 JP), a Japanese financial institution, is looking to relist by raising about US$2 billion. The primary/secondary split is 40%/60%.
- I discussed the investment thesis in SBI Shinsei Bank (8303 JP) IPO: The Investment Case.
- In this note, I discuss valuation. My analysis suggests that SBI Shinsei is fairly valued at the IPO price of JPY1,440 per share.
Northsand IPO: Priced at the Top, Narrative and Sentiments Possibly Justify Premium
- Northsand (446A JP) has raised US$140m in its Japan IPO.
- Northsand is a consulting firm that provides both IT and business consulting services. Established in 2015, it helps organizations improve efficiency, modernize operations, and achieve sustainable growth.
- In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.
Aimed Bio IPO Book Building Results Analysis
- Aimed Bio finalized its IPO price at 11,000 won, which is at the high end of the IPO price range. Aimed Bio will be listed on KOSDAQ on 4 December.
- A total of 2,414 domestic and international institutional investors participated in this IPO. The demand ratio of the IPO was 672 to 1 among the institutional investors.
- Based on the final offering price, the offering amount is projected to be approximately 70.7 billion won, resulting in a market capitalization of approximately 705.7 billion won.
UltraGreen.AI Pre-IPO: Dominant Market Position Amid Favorable Industry Tailwind to Drive Growth
- UltraGreen.AI Has filed for Singapore IPO. The IPO will consist of fresh issue as well as OFS from Renew Group Private Limited. Citigroup and DBS Bank are the joint bookrunners.
- The company intends to use the IPO proceeds for funding the capex and development of the products, and pursuing strategic investments and acquisitions to support expansion plans in new geographies.
- Ultragreen’s strong competitive moat, track record of revenue growth and margin expansion, and significant cash generation position it for continued success and leadership in the fluorescence-guided surgery-based imaging market.
Axbio (安序源) Pre-IPO: Structural Challenges
- Axbio, a China-based technology company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC and SPDB are the joint sponsors.
- In our previous note, we look at the products and management team briefly. Although there are interesting takes from the prospectus, we are not convinced about its prospects.
- In this note, we took a further look and are of the view that the company is behind the curve of competition despite its incremental innovation in PCR-microarray.
Central Bancompany (CBC): Posts Strong First-Day Performance as It Transitions From OTC to Nasdaq
- CBC priced at the low end and delivered a steady first-day performance, a strong outcome for an OTC up-listing with limited float.
- Investor demand was multiple-times oversubscribed, driven by long-only and sector specialists, with the family retaining majority control and offering only 7.4% of shares.
- Near-Term trading is expected to quiet sharply, with the stock likely to move in line with broader regional bank sector trends rather than company-specific catalysts.
NS Group Pre-IPO – Stable Growth in a Structurally Essential Market
- NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
- NSG aims to raise around US$260m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
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