In today’s briefing:
- Japan Post Bank (7182 JP) ¥70bn ToSTNeT-3 Buyback
- Kansai Paint (4613 JP) Secondary Offering & Buyback and All the Subsequent Flows
- Nexus Select Trust Pre-IPO – The Positives – Forecasting Robust Growth
- Kansai Paint Placement – Hardly an Outstanding First Offering Since Listing
Japan Post Bank (7182 JP) ¥70bn ToSTNeT-3 Buyback
- As expected, Japan Post Bank (7182 JP) has announced their ToSTNeT-3 buyback of ¥70 billion on Day 1 of the potential TN-3 Buyback period.
- Also as somewhat expected, investors and traders pushed up the stock price today after the news there would be a buyback, hoping to buy then sell, or short today’s close.
- Japan Post Holdings (6178 JP) will offer shares. Others obviously will too. How this works and what you have to watch out for discussed below.
Kansai Paint (4613 JP) Secondary Offering & Buyback and All the Subsequent Flows
- Today after the close, Kansai Paint (4613 JP) announced a passel of crossholders would sell 26.2mm shares in a Secondary Offer. They also announced a buyback.
- The buyback, spending up to ¥12bn to buy back up to 8.2mm shares, starts after the Offering is delivered, and extends until 15 March 2024.
- This offering reduces cross-holder “strategic holdings” by a third. This will impact FFW. Complicated index impacts will occur over time.
Nexus Select Trust Pre-IPO – The Positives – Forecasting Robust Growth
- Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO.
- NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
- In this note, we will talk about the positive aspects of the deal.
Kansai Paint Placement – Hardly an Outstanding First Offering Since Listing
- Kansai Paint’s shareholders aim to raise around US$291m via a secondary follow-on offering. This is a large deal to digest, at 34 days of three month ADV.
- The firm has also mentioned that it will conduct a share buyback of up to 8.2m shares worth approximately 3.5% of TSO or US$87.6m (JPY12bn). This will begin after settlement.
- In this note, we will talk about the placement and run the deal through our ECM framework.
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