In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY1,550. We would participate in the IPO.
Boomeranged on Mon, 4 Mar 2024 21:49
Trial has upsized its IPO from US$236m to US$260m by launching its IPO at JPY1,600-1,700 per share vs. the reference price of JPY1,550. The offer shares are unchanged, but the primary offering’s domestic/international mix has changed from 57%/43% to 32%/68%. At the IPO price range, Trial is attractively valued, and its CY2024 P/E remains at a material discount to the peer multiples.
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