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 (06 Sep) - Nikkon, Kadoya, Ichibanya, Con Aero, Ausgold, Longsys, Ligent, GCash

NIKKON Holdings (9072 JP): Sell-Off Signals a Stalled Auction, but Downside Looks Limited

Weekly Deals Digest (04 Oct) - Nikkon, BASE, Kakaku, PHC, Sankei RE, Northern Star, Ingenia

NIKKON Holdings (9072 JP): Thoughts on a Potential Privatisation Offer

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Event-Driven

<ul>
<li>
<a href="https://www.bloomberg.com/news/articles/2026-09-02/bain-lone-star-plan-second-round-bids-to-take-nikkon-private" target="_blank" rel="noopener">Bloomberg</a> reported that Bain and Lone Star have advanced to the second round of bidding for <a href="https://www.smartkarma.com/entities/nikkon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:17346:1" rel="noopener">Nikkon Holdings (9072 JP)</a>, which will commence in early September.</li>
<li>Bloomberg also noted that a takeunder is possible. At first glance, the argument for a takeunder looks compelling, particularly as Nikkon shares have materially outperformed peers YTD. </li>
<li>However, a takeunder is unlikely for several reasons and is largely a ruse to dampen expectations. An offer around JPY6,000 remains justifiable.  </li>
</ul>



Bloomberg reported that Bain and Lone Star have advanced to the second round of bidding for Nikkon Holdings (9072 JP), which will commence in early September.
Bloomberg also noted that a takeunder is possible. At first glance, the argument for a takeunder looks compelling, particularly as Nikkon shares have materially outperformed peers YTD. 
However, a takeunder is unlikely for several reasons and is largely a ruse to dampen expectations. An offer around JPY6,000 remains justifiable.  


Chilled & Frozen Logistics Holdings (9099 JP)

NIKKON Holdings (9072 JP): Two Bidders in the Second Round with Suggestions of a Takeunder