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

Raksul (4384 JP): The Success of the Final Offer Hinges on a Divide and Conquer Strategy

Weekly Deals Digest (22 Feb) - MCJ, AJIS, Sankei RE, Raksul, Bluescope, Qube, Magnetic, Paypay

Raksul (4384 JP): GS-Sponsored MBO at JPY1,710

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Event-Driven

<ul>
<li>MY.Alpha <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XI18.pdf?sv=2020-08-04&amp;st=2026-01-29T07%3A43%3A42Z&amp;se=2031-01-29T15%3A00%3A00Z&amp;sr=b&amp;sp=rl&amp;sig=kPsjKq9fK8jE14Jf9h8xjamls%2B24%2FOOVcFr9lijd1ig%3D" target="_blank" rel="noopener">reported</a> a 5.06% ownership ratio in <a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener">Raksul Inc (4384 JP)</a>. The last purchase was made at JPY1,988.00, a 16.3% premium to the GS-sponsored MBO’s JPY1,710 offer.</li>
<li>The key issue the MBO faces is that potentially three substantial shareholders (Keyrock, Baillie Gifford and MY.Alpha) are seeking improved terms. The offer closes on 4 February.</li>
<li>The high volume traded at or above the offer suggests a bump is inevitable. A 10% bump to MY.Alpha's last purchase price suggests a revised offer of around JPY2,200. </li>
</ul>


MY.Alpha reported a 5.06% ownership ratio in Raksul Inc (4384 JP). The last purchase was made at JPY1,988.00, a 16.3% premium to the GS-sponsored MBO’s JPY1,710 offer.
The key issue the MBO faces is that potentially three substantial shareholders (Keyrock, Baillie Gifford and MY.Alpha) are seeking improved terms. The offer closes on 4 February.
The high volume traded at or above the offer suggests a bump is inevitable. A 10% bump to MY.Alpha's last purchase price suggests a revised offer of around JPY2,200. 


Raksul Inc

Raksul (4384 JP): Primed for a Bump