In today’s briefing:
- Trial Holdings IPO: Valuation Insights
- Iwataya Opens Lounge S – A New Space for the Truly Wealthy
Trial Holdings IPO: Valuation Insights
- Trial Holdings (5882 JP), a discount store operator in Japan, is seeking to raise US$380 million at the IPO reference price of JPY2,000. Pricing on 26 March.
- We previously discussed the IPO in Trial Holdings IPO: The Bull Case and Trial Holdings IPO: The Bear Case.
- In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY2,000. We would participate in the IPO.
Iwataya Opens Lounge S – A New Space for the Truly Wealthy
- Like all department stores, Iwataya in Fukuoka is keen to grow services for its wealthiest customers.
- It already has special lounges for high spending customers and has now opened a new, invitation-only lounge for its top 300 clients, many of whom are under 40.
- Capturing more share of the wealth market is the only real hope department stores have to grow.
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