Nippon Paint Holdings

Nippon Paint (4612 JP): Secondary Offering & Index Implications

Event-Driven
426 Views, 08 Jan 2022 18:33
EXECUTIVE SUMMARY
  • Nippon Paint Holdings (4612 JP) will offer up to 140.133m shares in a secondary offering. Six financial institutions will sell shares aimed at lowering 'strategic holdings' and improving stock liquidity. 
  • There will also be an over-allotment option for 17.63m shares. In total, the offering size could reach JPY 198bn. There will be an increase in the stock free float.
  • We expect MSCI/FTSE to implement the changes at the time of the event. TOPIX is a wild card since they may not see a 5-6% increase in FFW as significant.
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Brian Freitas
Pan-Asia Index Rebalances/Events/Delta One
Periscope Analytics
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Highly experienced ex-Delta One trader with 17 years of experience trading arbitrage and related strategies across Asian... 

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