NAME: Trial Holdings’ $258 million IPO
LAW FIRM: Anderson Mori & Tomotsune, Mori Hamada & Matsumoto, Davis Polk & Wardwell, Skadden Arps Slate Meagher & Flom
JURISDICTION: Japan
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Consumer goods and services
Trial Holdings’ $258 million IPO is our deal of the month for March.
Japanese discount-store chain operator Trial Holdings successfully debuted on the Tokyo Stock Exchange (TSE) with its $258 million IPO, with shares rising by 29% on its first day of trading after launch. The IPO closed on March 19 and is the largest public float in Japan this year, the most significant since Kokusai Electric’s $844 million offering last October.
The IPO is indicative of the growing popularity of Japanese equities as improved shareholder returns and corporate profits, the TSE’s corporate governance reform, the Japanese government’s reform of the Nippon Individual Savings Account and other factors all drive investor interest. The IPO has also attracted substantial international interest, with a total of 15,768,600 international shares being purchased.
Trial Holdings provides foods, daily necessities and other products from a network of over 280 stores. The company plans to use the IPO proceeds to open new stores, enhance operational activities and improve logistics.
Anderson Mori & Tomotsune acted as Trial Holdings’ Japanese law counsel, with a team led by partners Kagayaki Funakoshi and Shimpei Nohara.
Mori Hamada & Matsumoto and Davis Polk & Wardwell advised the underwriters. The Mori Hamada & Matsumoto team was led by partner Toshimitsu Nemoto.
Skadden Arps Slate Meagher & Flom was Trial Holdings’ US law counsel, with corporate partner Kenji Taneda leading the team.
