Daily Brief ECM: Dai-Nippon Printing (7912) - The First Equity Offering by Cross-Holders - Small And Lots More To Go and more

In today’s briefing:

Dai-Nippon Printing (7912) – The First Equity Offering by Cross-Holders – Small And Lots More To Go
Dai Nippon Placement – Share Buyback Should Aid Deal Performance
Satvik Green Energy Ltd Pre-IPO Tearsheet

Dai-Nippon Printing (7912) – The First Equity Offering by Cross-Holders – Small And Lots More To Go

Today after the close Dai Nippon Printing (7912 JP) announced 16 corporate and financial entities would be selling cross-held shares in a ~US$240mm equity offering.
The stock has gotten shellacked (relatively speaking given structurally low volatility) since three weeks ago. There’s a reason for that. But it makes it cheaper.
This offering is only 10% of the cross-held total. There’s more to come. But there is more outbound cross-holding to sell too. There’s value here.

A group of shareholders are looking to raise US$214m from selling their respective stakes in Dai Nippon Printing (7912 JP).
While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain.
In this note, we will talk about the placement and run the deal through our ECM framework.

Saatvik Energy Green Ltd (1637892D IN) is planning to raise about US$136m through its upcoming IPO in India. The lead bookrunners for the deal are Dam Capital, Ambit, Motilal Oswal.
Saatvik Green Energy Ltd (SEG) specializes in the manufacturing of solar photovoltaic (PV) modules and provides comprehensive engineering, procurement, and construction (EPC) services.
As per Crisil report, since its inception, the company has supplied over 1.5 GW of high-efficiency solar PV modules to both domestic and international markets.

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