In today’s briefing:
- Rakuten Securities IPO: The Bull Case
- Federal Bank QIP – Well Flagged Deal but the Last One Didn’t Do Well
- Tryt IPO Trading – Subscription Rates Mostly Outdid Recent Large Japan Deals
- Leader Energy Holdings Pre-IPO Tearsheet
Rakuten Securities IPO: The Bull Case
- Rakuten Securities (RAKUSEC JP), a leading Japanese online brokerage, seeks to raise US$500 million. Rakuten Bank (5838 JP) (80.01%) and Mizuho Financial Group (8411 JP) (19.99%) are its shareholders.
- Rakuten Securities has grown its business by pursuing a low-cost, high-volume strategy. It has the largest number of non-consolidated securities accounts among Japanese securities companies.
- The key elements of the bull case rest on rapid customer growth, low-cost fees, market share gains, synergies with the Rakuten ecosystem and improving profitability trends.
Federal Bank QIP – Well Flagged Deal but the Last One Didn’t Do Well
- Federal Bank (FB IN) aims to raise around US$370m via a QIP to increase its Tier-1 capital.
- The deal is well flagged as the company had earlier obtained board approval for a fundraising and had guided towards a funding raising in FY24.
- In this note, we talk about the deal dynamics and run the deal through our ECM framework.
Tryt IPO Trading – Subscription Rates Mostly Outdid Recent Large Japan Deals
- Tryt Inc (9164 JP) raised around US$344m in its Japan IPO. The IPO consisted of 100% secondary shares.
- Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
- In this note we will talk about the trading dynamics.
Leader Energy Holdings Pre-IPO Tearsheet
- Leader Energy Holdings (1814173D MK) is looking to raise up to US$300m in its upcoming Malaysia IPO. The deal will be run by Affin Hwang, RHB, CIMB, Maybank and CLSA.
- Leader Energy Holdings (LE) is an independent power producer (IPP) primarily engaged in the development, ownership, O&M of power assets and projects.
- As of the Latest Practicable Date (LPD, 30th Apr 23), its power assets and projects (including those owned by jointly controlled entities), are located in six Southeast Asian countries.
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