IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Recruit Holdings / Equity Capital Markets

<p><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> announced a secondary offering of 121.5 million shares (7.2% of shares outstanding), assuming the over-allotment options are fully exercised. Recruit has launched the offering to provide an opportunity for thirteen shareholders to reduce their holdings.</p><div class="content-highlight"><p>Recruit shares have increased around 3x in three years, adjusting for the three-for-one stock split effective on July 2017. The strong outperformance is due to the solid performance of its three business segments - HR Technology, Media &amp; Solutions and Staffing. However, from a valuation perspective, Recruit is fully priced, and we would need a 10% discount to participate in the offering.</p></div>

Recruit Holdings (6098 JP) announced a secondary offering of 121.5 million shares (7.2% of shares outstanding), assuming the over-allotment options are fully exercised. Recruit has launched the offering to provide an opportunity for thirteen shareholders to reduce their holdings.Recruit shares have increased around 3x in three years, adjusting for the three-for-one stock split effective on July 2017. The strong outperformance is due to the solid performance of its three business segments - HR Technology, Media &amp; Solutions and Staffing. However, from a valuation perspective, Recruit is fully priced, and we would need a 10% discount to participate in the offering.

Recruit Holdings Secondary Offering: Coming at a Full Valuation