IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> has announced a secondary offering of 91.7 million shares, worth around US$1.9 billion.</li>
<li>The selling shareholder is <a href="https://www.smartkarma.com/entities/gmo-internet-group-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet Group (9449 JP)</a>. The secondary offering aims to increase the tradable share ratio to satisfy the TSE Prime Market's continued listing criteria.</li>
<li>The offering represents 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Pricing is likely to be on 5 June.</li>
</ul>



GMO Internet (4784 JP) has announced a secondary offering of 91.7 million shares, worth around US$1.9 billion.
The selling shareholder is GMO Internet Group (9449 JP). The secondary offering aims to increase the tradable share ratio to satisfy the TSE Prime Market's continued listing criteria.
The offering represents 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Pricing is likely to be on 5 June.


GMO Internet (4784 JP): A Huge US$1.9 Billion Secondary Offering

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gmo-internet-group-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet Group (9449 JP)</a> is looking to sell its 33.4% stake in its subsidiary <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> to meet free-float requirements.</li>
<li>As the current free-float is tiny, the deal is more like a quasi-IPO rather than a placement, in our view.</li>
<li>In this note, we will talk about the deal dynamics as well as updates on the company’s financial performance.</li>
</ul>



GMO Internet Group (9449 JP) is looking to sell its 33.4% stake in its subsidiary GMO Internet (4784 JP) to meet free-float requirements.
As the current free-float is tiny, the deal is more like a quasi-IPO rather than a placement, in our view.
In this note, we will talk about the deal dynamics as well as updates on the company’s financial performance.


GMO Internet Placement: Secondary Sell-Down (Quasi IPO) To Meet Prime Listing Requirements

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gmo-ad-partners-inc" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">Gmo Ad Partners (4784 JP)</a> has become GMO Internet as of 1 January 2025. On that day, it merged with the "internet infrastructure business" of <a href="https://www.smartkarma.com/entities/gmo-internet-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet (9449 JP)</a>. </li>
<li>It was a kind of reverse takeover - a backdoor listing - and it on 24-Dec-2024, it was announced GMO Internet would move from TSE Standard to TSE Prime end-Jan2025.</li>
<li>The stock is +300% since then. Why? A squeeze. Share count increase? 15x. Float share increase? Zero. Resulting Real World Float? 1.24% of shares out and about to shrink.</li>
</ul>



Gmo Ad Partners (4784 JP) has become GMO Internet as of 1 January 2025. On that day, it merged with the "internet infrastructure business" of GMO Internet (9449 JP). 
It was a kind of reverse takeover - a backdoor listing - and it on 24-Dec-2024, it was announced GMO Internet would move from TSE Standard to TSE Prime end-Jan2025.
The stock is +300% since then. Why? A squeeze. Share count increase? 15x. Float share increase? Zero. Resulting Real World Float? 1.24% of shares out and about to shrink.


GMO Internet (4784) DropDown Holdco Gone Ballistic - Squeezed on Truly Tiny Float

David Blennerhassett

Event-Driven

<ul>
<li>Negligible float, highly manipulatable, 150x+ forward earnings - yes, investors can afford NOT to have <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> in their portfolio.</li>
<li>
<a href="https://www.smartkarma.com/entities/hongkong-land-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15465:1" rel="noopener">Hongkong Land (HKL SP)</a> stamps its "recycling capital" motto and sells nine floors of One Exchange Square to <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> for HK$6.3bn (US$810mn).</li>
<li>
<a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>asks <a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea Mitsumi (6479 JP)</a> whether they intend to change the consideration terms. Minebea says it is "proceeding with its consideration". </li>
</ul>


Negligible float, highly manipulatable, 150x+ forward earnings - yes, investors can afford NOT to have GMO Internet (4784 JP) in their portfolio.

Hongkong Land (HKL SP) stamps its "recycling capital" motto and sells nine floors of One Exchange Square to HKEX (388 HK) for HK$6.3bn (US$810mn).

Shibaura Electronics (6957 JP)asks Minebea Mitsumi (6479 JP) whether they intend to change the consideration terms. Minebea says it is "proceeding with its consideration". 


Last Week in Event SPACE: GMO Internet, Hongkong Land, Shibaura Electronics, Millennium & Copthorne

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>
<a href="https://www.smartkarma.com/entities/celsys-inc" target="_blank" data-smartkarma-citation="entities:20774:1" rel="noopener">CELSYS (3663 JP)</a> (formerly known as "Artspark") is a name we have been Bullish on in the last few months as it was a high-probability TOPIX Inclusion candidate.</li>
<li>In the last couple of trading days, the stock has popped more than 30%. In this insight, we take a closer look at this situation.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.

CELSYS (3663 JP) (formerly known as "Artspark") is a name we have been Bullish on in the last few months as it was a high-probability TOPIX Inclusion candidate.
In the last couple of trading days, the stock has popped more than 30%. In this insight, we take a closer look at this situation.


TOPIX Inclusions: Who Is Ready (May 2023)

Japan

GMO Internet Group, Inc. provides internet related services to its corporate customers. The company offers domain, server, security and settlement services through its "WEB Infrastructure & EC" business, and assists companies in attracting web users through its "Internet Media" business. GMO Internet Group conducts businesses in Japan.

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GMO Internet Group (9449 JP)

GMO Internet (4784 JP): A Huge US$1.9 Billion Secondary Offering

The offering is enormous, representing 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Along with a...

Arun George

GMO Internet Placement: Secondary Sell-Down (Quasi IPO) To Meet Prime Listing Requirements

GMO Internet Group (9449 JP) is looking to sell its 33.4% stake in its subsidiary GMO Internet Inc (4784 JP) to meet free-float requirements. In...

Nicholas Tan

Last Week in Event SPACE: GMO Internet, Hongkong Land, Shibaura Electronics, Millennium & Copthorne

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

TOPIX Inclusions: Who Is Ready (May 2023)

CELSYS has been working for a move to the Prime Market since August 2022 and with the recent rise in share price they could be able to satisfy all...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GMO Internet (4784 JP): A Huge US$1.9 Billion Secondary Offering

The offering is enormous, representing 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Along with a...

Arun George

GMO Internet Placement: Secondary Sell-Down (Quasi IPO) To Meet Prime Listing Requirements

GMO Internet Group (9449 JP) is looking to sell its 33.4% stake in its subsidiary GMO Internet Inc (4784 JP) to meet free-float requirements. In...

Nicholas Tan

GMO Internet (4784) DropDown Holdco Gone Ballistic - Squeezed on Truly Tiny Float

GMO Internet is the old GMO Ad Partners with a reverse takeover executed as of Jan 1. Float now is low. The company sees it as 1.44%. It's lower...

Travis Lundy

Last Week in Event SPACE: GMO Internet, Hongkong Land, Shibaura Electronics, Millennium & Copthorne

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

TOPIX Inclusions: Who Is Ready (May 2023)

CELSYS has been working for a move to the Prime Market since August 2022 and with the recent rise in share price they could be able to satisfy all...

Janaghan Jeyakumar, CFA