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 (24 May) - Nikkon, Changhong Jiahua, Shengmu, European Lithium, GO, Dajin Heavy

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>On 20 May, Bloomberg <a href="https://www.bloomberg.com/news/articles/2026-05-20/japan-s-nikkon-said-to-weigh-going-private-with-us-funds-to-bid?embedded-checkout=true" target="_blank" rel="noopener">reported</a> that <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> is considering going private and preparing to hold a first-round bidding round in early June. </li>
<li>The shareholder structure is conducive to a privatisation bid as two activists (Farallon and Oasis) hold 51.6 million shares (44.23% ownership ratio). </li>
<li>Bain Capital, Warburg Pincus and Blackstone are expected to take part in the auction. My analysis suggests an offer price of at least 6,200 (7.4% above the last close).</li>
</ul>


On 20 May, Bloomberg reported that Nikkon Holdings (9072 JP) is considering going private and preparing to hold a first-round bidding round in early June. 
The shareholder structure is conducive to a privatisation bid as two activists (Farallon and Oasis) hold 51.6 million shares (44.23% ownership ratio). 
Bain Capital, Warburg Pincus and Blackstone are expected to take part in the auction. My analysis suggests an offer price of at least 6,200 (7.4% above the last close).


Chilled & Frozen Logistics Holdings (9099 JP)

니콘 홀딩스(9072 JP): 잠재적 민영화 제안에 대한 고찰