IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Weekly Deals Digest (16 Aug) - Shein, Kakaku, Austal, BetMakers, Cleanaway, Cygnus, FleetPartners

Kakaku.com (2371 JP): Bain/LY Hold Firm as EQT/DG Face a Dilemma

Weekly Deals Digest (30 Aug) - Kakaku, Dentsu Soken, Seed, Carnaby, Peet, Suncorp, OUE, Shein

Kakaku.com (2371 JP): More to Go as Bain/LY Return with a Revised Offer

Kakaku.com (2371 JP): Rethinking the Arb Trade

Digital Garage (4819 JP): Cheap, but Not Cheerful

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>EQT/<a href="https://www.smartkarma.com/entities/digital-garage-inc" target="_blank" data-smartkarma-citation="entities:13747:1" rel="noopener">Digital Garage (4819 JP)</a> revised its offer for <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a> to JPY3,570, a 3.5% premium over the previous JPY3,450 offer and a 1.4% premium over Bain/LY’s JPY3,520 base offer.</li>
<li>The latest EQT/DG offer is the minimum needed to stay on the right side of the competing-offer clauses, thereby retaining KDDI’s support and potentially getting Oasis to switch allegiance.</li>
<li>Bain/<a href="https://www.smartkarma.com/entities/ly-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">LY (4689 JP)</a> continue to have room to respond with a revised offer. The competitive auction could push the final winning bid towards JPY3,800.</li>
</ul>


EQT/Digital Garage (4819 JP) revised its offer for Kakaku.com Inc (2371 JP) to JPY3,570, a 3.5% premium over the previous JPY3,450 offer and a 1.4% premium over Bain/LY’s JPY3,520 base offer.
The latest EQT/DG offer is the minimum needed to stay on the right side of the competing-offer clauses, thereby retaining KDDI’s support and potentially getting Oasis to switch allegiance.
Bain/LY (4689 JP) continue to have room to respond with a revised offer. The competitive auction could push the final winning bid towards JPY3,800.


Kakaku.com (2371 JP): EQT/DG Again Outbids Bain/LY