In today’s briefing:
- Nomura Research Institute (4307) Large Secondary Offering – Demand Profile and Index Implications
- Growatt Technology IPO: Valuation First Look
- Nomura Research Placement – Somewhat Well Flagged, past Deals Have Done Well but Momentum Is Weak
Nomura Research Institute (4307) Large Secondary Offering – Demand Profile and Index Implications
- On Friday, Nomura Research Institute Ltd (4307 JP) announced that Jafco Co Ltd (8595 JP) and Nomura Holdings (8604 JP) would each sell NRI shares in a Secondary Offering.
- JAFCO is selling to fund a giant buyback. Nomura is selling to round out the offering size. The total is 37mm shares plus greenshoe of 5.5mm shares.
- At Friday’s price that is ~¥140bn (including greenshoe), 7% of shares out, 10% of float, and about 25% of Real World Float. There are index implications.
Growatt Technology IPO: Valuation First Look
- Growatt Technology (1833969D CH), a leading PV inverters manufacturer, is pre-marketing a US$1.0 billion HKEx IPO, according to press reports.
- We previously discussed the IPO in Growatt Technology IPO: The Bull Case, Growatt Technology IPO: The Bear Case and Growatt Technology IPO: Growing Watts.
- In this note, we present our forecasts and take the first look at Giant Biogene’s potential valuation range.
Nomura Research Placement – Somewhat Well Flagged, past Deals Have Done Well but Momentum Is Weak
- Nomura Holdings (8604 JP) and Jafco Co Ltd (8595 JP) are looking to raise around US$850m via selling 5.7% of Nomura Research Institute Ltd (4307 JP).
- This is not the first sale by Nomura and marks a clean up for Jafco. Hence it might not come as a complete surprise.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
💡 Before it’s here, it’s on Smartkarma
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