In today’s briefing:
- Rakuten US$2.4bn Placement – Recent Updates and Comparison to past Deals
- Nippon Prologis (3283 JP) Offering: Lower Premium Vs Peers than Last Time
- Nippon Prologis REIT Placement – Well-Flagged and past Deals Have Performed Decently
Rakuten US$2.4bn Placement – Recent Updates and Comparison to past Deals
- Rakuten (4755 JP) aims to raise up to US$2.4bn (JPY323bn) via a global offering.
- We have covered various aspects of the deal in our earlier notes, see here and here.
- In this note, we will talk about the updates since our last note, as well as the performance of some of the past large primary raises in Japan.
Nippon Prologis (3283 JP) Offering: Lower Premium Vs Peers than Last Time
- Japan’s largest logistics REIT Nippon Prologis Reit (3283 JP) (“NPR”) announced a US$183mn follow-on equity offering to fund their recent acquisition of a logistics facility.
- The primary offer quantity will be 86,851 units out of which 51,090 units and 35,761 units are expected to be allocated for domestic and international investors, respectively.
- Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.
Nippon Prologis REIT Placement – Well-Flagged and past Deals Have Performed Decently
- Nippon Prologis Reit (3283 JP) is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka.
- The deal is a somewhat large one to digest, at 14 days of three month ADV but only 3% dilution.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars