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Recruit Holdings Placement - A Tiny, Long Overdue Sell Down

Recruit Holdings - Time to Hire More Long-Term Shareholders

Recruit Holding Placement: Pre-Pricing Risk-Reward Analysis

Recruit Holding Placement: Thoughts on Valuation, Past Placements, and Index Event

Recruit Holdings Placement: First Major Sell Down Since 2016

APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Recruit Holdings / Equity Capital Markets

A group of shareholders is looking to sell up to about US$3.5bn worth of <a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a> shares.
At the same time, Recruit plans to repurchase up to 20m of its own shares or up to ¥70bn in the open market from the day after the completion of the follow-on until February 26, 2020.
We will look at deal dynamics, performance of previous deals, and run the placement through our ECM framework.
We have covered Recruit's past placements since 2016:
<ul>
<li>About US$2.3bn secondary in September 2016 - <a href="https://www.smartkarma.com/insights/recruit-holdings-time-to-hire-more-long-term-shareholders" target="_blank" data-smartkarma-citation="insights:5466" rel="noopener">Recruit Holdings - Time to Hire More Long-Term Shareholders</a> </li>
<li>About US$263m secondary in January 2019 - <a href="https://www.smartkarma.com/insights/recruit-holdings-placement-a-tiny-long-overdue-sell-down" target="_blank" data-smartkarma-citation="insights:27448" rel="noopener">Recruit Holdings Placement - A Tiny, Long Overdue Sell Down</a> </li>
<li>About US$3.8bn secondary in August 2019 
<ul>
<li>First-look: <a href="https://www.smartkarma.com/insights/recruit-holdings-placement-first-major-sell-down-since-2016" target="_blank" data-smartkarma-citation="insights:32067" rel="noopener">Recruit Holdings Placement: First Major Sell Down Since 2016</a> </li>
<li>Detailed valuation + past deals: <a href="https://www.smartkarma.com/insights/recruit-holding-placement-thoughts-on-valuation-past-placements-and-index-event" target="_blank" data-smartkarma-citation="insights:32175" rel="noopener">Recruit Holding Placement: Thoughts on Valuation, Past Placements, and Index Event</a> </li>
<li>Final look before pricing: <a href="https://www.smartkarma.com/insights/recruit-holding-placement-pre-pricing-risk-reward-analysis" target="_blank" data-smartkarma-citation="insights:32309" rel="noopener">Recruit Holding Placement: Pre-Pricing Risk-Reward Analysis</a> </li>
</ul>
</li>
</ul>

A group of shareholders is looking to sell up to about US$3.5bn worth of Recruit Holdings (6098 JP) shares.
At the same time, Recruit plans to repurchase up to 20m of its own shares or up to ¥70bn in the open market from the day after the completion of the follow-on until February 26, 2020.
We will look at deal dynamics, performance of previous deals, and run the placement through our ECM framework.
We have covered Recruit's past placements since 2016:

About US$2.3bn secondary in September 2016 - Recruit Holdings - Time to Hire More Long-Term Shareholders 
About US$263m secondary in January 2019 - Recruit Holdings Placement - A Tiny, Long Overdue Sell Down 
About US$3.8bn secondary in August 2019 

First-look: Recruit Holdings Placement: First Major Sell Down Since 2016 
Detailed valuation + past deals: Recruit Holding Placement: Thoughts on Valuation, Past Placements, and Index Event 
Final look before pricing: Recruit Holding Placement: Pre-Pricing Risk-Reward Analysis 




Recruit Holdings Placement - Another Major Selldown But, This Time, with a Much Shorter Time Frame