Fuji Electric Placement - Large Deal Size, Small Overhang

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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<a href="https://www.smartkarma.com/entities/12213" target="_blank" data-smartkarma-citation="entities:12213:1">Fuji Electric Co Ltd (6504 JP)</a> is selling 8.16% of <a href="https://www.smartkarma.com/entities/16968" target="_blank" data-smartkarma-citation="entities:16968:1">Fujitsu Ltd (6702 JP)</a>'s total outstanding shares for approximately JPY110,959m (US$991m). Post sale, Fuji Electric's stake in Fujitsu will be reduced to 2.8%.Along with the placement, Fujitsu announced that it will buy back up to 1.9% of shares for JPY25bn. The deal scores positively on our ECM framework owing to its strong share price performance and extended trading period. The company has recently reported a decent set of Q3 results…

Fuji Electric Co Ltd (6504 JP) is selling 8.16% of Fujitsu Ltd (6702 JP)'s total outstanding shares for approximately JPY110,959m (US$991m). Post sale, Fuji Electric's stake in Fujitsu will be reduced to 2.8%.Along with the placement, Fujitsu announced that it will buy back up to 1.9% of shares for JPY25bn. The deal scores positively on our ECM framework owing to its strong share price performance and extended trading period. The company has recently reported a decent set of Q3 results…

Fujitsu Placement - Large Size, Tight Discount, But Extended Trading Allows Deal to Be Priced In