IPO on Tokyo Stock Exchange for Future Growth · 2017-10-11 · 20.0x 30.0x Japan Hong Kong...

© 2017 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.

IPO in Tokyo Stock Exchangefor Future Growth

October, 2017

New Listings, Tokyo Stock Exchange, Inc.

1© 2017 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.

Market Capitalization

Tokyo Stock Exchange ranks No.3 globally and No. 1 in Asia by market capitalization.

Source: WFENote: Domestic market capitalization as of the end of July 2017

20,694

9,050

5,608 4,199 3,875

1,588 1,426 1,024 760 0

5,000

10,000

15,000

20,000

NYSE Nasdaq - US JapanExchangeGroup Inc.

Euronext Hong KongExchanges

and Clearing

KoreaExchange

AustralianSecuritiesExchange

TaiwanStock

Exchange

SingaporeExchange

Mark

et

Capitaliz

ation (

US$ b

illio

n)


Value of Share Trading in the World

Tokyo Stock Exchange is about 3.2 times larger than Hong Kong Exchanges by value of share trading.

Source: WFE Note: Value of share trading - Electronic order book trades from January to July 2017

8,032

6,541

3,216

1,117 1,007 978 490 382 1250

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

NYSE Nasdaq - US JapanExchangeGroup Inc.

Euronext KoreaExchange

Hong KongExchanges

and Clearing

AustralianSecuritiesExchange

Taiwan StockExchange

SingaporeExchange

Valu

e o

f Share

Tra

din

g (

US$ b

illio

n)


Stock Market Index Performance

TOPIX, which represents the movement of the Tokyo market overall, and Mothers Index are recording a high growth rate as compared with other markets.

Source: BloombergNote: As of December 30, 2016. Indices rebased to 100 as of November 1, 2012.

249

80

130

180

230

280

330

01-Nov-12 01-Apr-13 01-Sep-13 01-Feb-14 01-Jul-14 01-Dec-14 01-May-15 01-Oct-15 01-Mar-16 01-Aug-16

TOPIX (Japan) TSE Mothers (Japan) NYSE Composite (US)

Nasdaq Composite (US) FTSE All Shares (UK) S&P/HKEx Large Cap Index (Hong Kong)

FTSE Straits Times Index (Singapore) KOSPI Index (Korea) TWSE Index (Taiwan)

Shanghai Composite (China)

204


48

19 22

37

52

64

86

103

95

2009 2010 2011 2012 2013 2014 2015 2016 2017

Number of IPOs in Japan

Note: The number includes Tokyo Pro Market, REITs and Infrastructure Funds.As of August 31, 2017

Tokyo’s IPO market will remain steady in 2017 and continue being one of the top IPOs venue globally. We have expectations that the number of IPO will be more than 100.


Key Features of TSE IPO market


Structure of TSE Cash Equity Market

- Various Sectorsand

Growth Companies -

1st Section- Large-sized companies -

2,024 Companies

2nd Section- Medium-sized

companies -527 Companies

Market Of

The High-growth and

EmeRging Stocks

241 Companies

Available to both individual and professional investors

JASDAQStandard

708 Companies

JASDAQGrowth

42 Companies

Equity Market(3,560 companies)

OtherCash Products

Professional-oriented market: Only available to professional investors

Note: As of August 31, 2017

18 Companies26 Programs

ETF212 ETFs

ETN24 ETNs

REIT58 REITs

Country Fund1 Country Fund

Venture Fund0 Venture Fund

Infrastructure Fund3 Infrastructure Funds

JPX offers several markets with different concepts to allow companies to make an optimal choice.


Successful Small IPOs- IPO Deal Size Comparison of JP, US, HK and SG

More than 80% of IPOs in Japan raised less than $50M.

Source： Tokyo Stock Exchange, NASDAQ website, Hong Kong Exchanges and Clearing Limited website, Singapore Exchange websiteNote: The total number of IPOs in each country. It includes new listings of foreign companies in the country, excludes listings without public offerings

or selling and REIT. It includes new listings on NASDAQ and NYSE in the United States. Exchange rates as of the listing date.

Comparison of Number of IPOs by Offering Amount in 2015 (Japan, US, Hong Kong, Singapore)

52%

2%

23%

42%

27%

10%

34%

58%

7%

11%

12%

7%

28%

18%

1%

24%

3%2%

20%

6%1% 5% 2%3% 2% 1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Japan(92 IPOs)

U.S.(194 IPOs)

Hong Kong(90 IPOs)

Singapore(12 IPOs)

Perc

enta

ge o

f IP

Os

by O

ffering A

mount

(2015)

(%)

Less than $10M

$10M- $30M

$30M- $50M

$50M- $100M

$100M- $200M

$200M- $500M

$500M- $1B

$1Bor more


IPO Companies Size in 2016

TSE 2nd

[5 IPOs]

JASDAQ[14 IPOs]

Mothers[54 IPOs]

Revenue

Net

Profit Net Asset

Market Cap

(First Price)

Actual

PER

(First Price)

IPO

Amount2

US$ 3,779M

US$ 861M

US$ 217M

US$ 77M

US$ 28M

US$ -4,330M

US$ 3,057M

US$ 190M

US$ 58M

US$ 10,289M

US$ 576M

US$ 207M

23.8x

14.8x

6.2x

US$ 4,160M

US$ 347M

US$ 30M

US$ 915M

US$ 307M

US$ 20M

US$ 18M

US$ 10M

US$ 6.0M

US$ 143M

US$ 91M

US$ 33M

US$ 270M

US$ 116M

US$ 58M

14.7x

9.9x

7.4x

US$ 48M

US$ 18M

US$ 13M

US$ 158M

US$ 20M

US$ 6.0M

US$ 18M

US$ 1.5M

US$ -5.5M

US$ 93M

US$ 5.3M

US$ 0.5M

US$ 303M

US$ 79M

US$ 29M

1,665.3x

65.8x

10.4x

US$ 283M

US$ 10M

US$ 3.0M

US$ 190M

US$ 60M

US$ 15M

US$ 5.6M

US$ 2.0M

US$ 0.9M

US$ 49M

US$ 13M

US$ 7.1M

US$ 110M

US$ 40M

US$ 22M

75.0x

19.3x

6.5x

US$ 21M

US$ 5.4M

US$ 3.5M

US$ 3,779M

US$ 36M

US$ 6.0M

US$ 77M

US$ 1.8M

US$ -4,330M

US$ 3,057M

US$ 10M

US$ 0.5M

US$ 10,289M

US$ 78M

US$ 16M

1,665.3x

41.0x

6.2x

US$ 4,160M

US$ 11M

US$ 3.0M

TSE 1st

[8 IPOs]

Max

Median

Min

Source: TSENote: 1 Excluding Tokyo Pro Market, REITs and Infrastructure Fund. US$ = 100JPY.

2 Including Nagoya Stock Exchange’s IPOs3 Total of offering and sales.

All[83 IPOs]


Comparison of Emerging Enterprise Markets

The Median of PE Ratio of IPO Price (2015) The Median of PE Ratio of First Price (2015)

25.2x

14.8x12.6x

0.0x

10.0x

20.0x

30.0x

Japan Hong Kong Singapore

PER(x

) (I

PO

price

)

41.6x

20.4x14.7x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

40.0x

45.0x

Japan Hong Kong Singapore

PER(x

) (F

irst

price

)

IPO valuation in Japan is relatively higher than IPO valuation in the others.

Source: Prospectus and annual report of each company.


Comparison of Emerging Enterprise Markets

TSE Mothers is more liquid than HKEX GEM and SGX Catalist.

Number of Listed Companies (as at of end of Dec. 2016) Annual Trading Value (2016)1

Turnover Velocity (2016)2Market Capitalization (as of end of Dec. 2016)1

Source: Tokyo Stock Exchange, Hong Kong Exchanges and Clearing Limited, Singapore Exchange Note: 1 Converted into USD as at the end of Dec 2016

2 Turnover Velocity = Annual Trading Value / Market Capitalization as at the end of Dec. 2016

228260

185

0

50

100

150

200

250

TSE Mothers HKEX GEM SGX Catalist

Num

ber

of

Lis

ted

Com

panie

s

29.4 40.1

6.5 0

10

20

30

40

50


Mark

et

Cap

(US$ b

illio

n)

246.2

15.0 5.1 0

50

100

150

200

250

300


Tra

din

g V

alu

e(U

S$ b

illio

n)

839%

37%77%

0%

200%

400%

600%

800%

1000%


Turn

over

Velo

city

(%)


IPO Allocation to Individual Investors

About 90% of offering shares are allocated to individual investors through IPO.

Initial Public Offerings (IPO) Follow-on Offerings (Public Primary and Secondary Offerings)

Source: JASDA (Japan Securities Dealers Association)

79%

92% 89% 87% 88% 87%

21%

8% 11% 13% 12% 13%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2011 2012 2013 2014 2015 2016

Individual Investors Institutional Investors

78% 73%82% 85% 81% 86%

22% 27%18% 15% 19% 14%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2011 2012 2013 2014 2015 2016

Individual Investors Institutional Investors


Stock Trading Value by Investor Category (2016)Foreign investors account for more than half of trading in the TSE 1st Section. By contrast, individual investors make up the majority in the TSE 2nd Section, Mothers, and JASDAQ.

Average DailyTrading Value

US$ 26,253 M

TS

E 2

nd

Se

cti

on

TS

E 1

stS

ecti

on

TS

E M

oth

ers

TS

E J

AS

DA

Q

Source: Tokyo Stock ExchangeNote: 1 US$= 100 JPY

ForeignInvestors

62%

ProprietaryTrading

16%

DomesticInstitutional

Investors8%

Individuals14%


US$ 1,209 M


US$ 495 M


US$ 249 M

ForeignInvestors

26%

ForeignInvestors

28%

ForeignInvestors

26%

Individuals67%

Individuals64%

Individuals60%

Domestic InstitutionalInvestors, 5%

Proprietary Trading2%


Proprietary Trading, 3%


Proprietary Trading, 4%


TSE 1st, 8Cos, 9%

TSE 2nd, 5Cos, 5%

TSE Mothers,

54Cos, 57%

TSE JASDAQ, 14Cos, 15%

TOKYO PRO Market, 3Cos,

3%

Nagoya SE 2nd, 2Co, 2%

TSE REIT, 7Cos, 7%

TSE Infrastructure

Fund, 2Co, 2%

Web Service/Adtech,

8Cos, 10%

Classified Site, 7Cos, 8%

Software/Sier, 9Cos, 11%

EC, 4Cos, 5%Digital

Contents, Game & App, 4Cos,

5%

Big Data, 2Co, 2%

Crowd Sourcing, 1Co,

1%MVNO, 1Co, 1%

Services, 10Cos, 12%

Real Estate & Construction,

7Cos, 8%Retail &

Wholesale Trade, 5Cos, 6%

Financial, 4Cos, 5%

Manufacturing, 4Cos, 5%

Foods, 3Cos, 4%

Textiles & Apparels, 3Co,

4%

Financial, 3Co, 4%

Biotech & Medtech, 2Co,

2%

Consulting, 2Co, 2%

Recycling, 1Co, 1%

Education, 1Co, 1%

Transportation, 1Co, 1%

Chemicals, 1Co, 1%

Number of IPOs by Sector in Japan in 2016(Total: 83 Cos)2

IPOs in Japan in 2016- Markets & Sectors

Number of IPOs by Market in Japan in 2016(Total: 95 Cos)1

Note: 1 The data includes Tokyo Pro Market, REITs and Infrastructure Funds.2 The data excludes Tokyo Pro Market and REITs and Infrastructure Funds.

TSE Mothers,54Cos, 57%

IT Sector,36Cos, 43%


IPOs by Sector (U.S., HK and Singapore)

Technology15%

Financial Services

14%

Consumer14%

Energy4%

Healthcare8%

Industrial Markets

12%

Infrastructure/Real Estate

25%

Others8%

Pharma & Life

Sciences35%

Technology21%

Banking & Capital Markets

7%

Retail & Consumer

5%

Oil & Gas3%

Others29%

Technology sector is leading the IPO market globally.

U.S. IPOs by sector in 2016（123 Companies）

Source: PwC “2016 Annual US Capital Markets Watch” (U.S.), KPMG “China IPO Markets Update”(Hong Kong), “Southeast Asia IPO market 2016 Report”

Hong Kong IPOs by sector in 2016（120 IPOs）

Singapore IPOs by sector in 2016（16 IPOs）

Technology6%

Consumer19%

Energy31%

Real Estate19%

Financial Sevices

19%

Healthcare6%


Post-listing Trends on Mothers

25% of Mothers IPO companies (122 cos.) moved up to the TSE 1st Section.

Post-listing Trends on Mothers(481 companies)

Trend of Market Transfers

Note: As of the end of December 2016 Note: As of the end of December 2016

210

2136 37

64

47 43

2

4

6

11 13

15

20 29

1

1

1524 13

2

5

16

2629

3044

28

1

1

3

4

2

5

8

5

2

7

22

48

75

85

132

141

115

0

50

100

150

2009 2010 2011 2012 2013 2014 2015 2016

Num

ber

of

Com

panie

s

TSE 2nd →TSE 1st Mothers → TSE 1stMothers → 2nd JASDAQ → TSE 1st & 2ndJASDAQ → Mothers Other Stock Exchanges → TSE

Alteration to TSE 1st, 122 Cos,

25%

Alteration to TSE 2nd, 48 Cos, 10%

Continued Listing on Mothers, 227 Cos,

47%

Delisting, 84 Cos, 18%


Summary for Mothers Market

More than 80% of IPOs in Japan raised less than $50M.⇒There are a lot of successful small IPOs.

1

2

3

4

5

Average Daily Trading Value is US$ 1,209M in 2016.

⇒High liquidity compared with the foreign markets.

IT sector takes 43% in 2016.

⇒Retail investors are familiar with investing in Start-ups.

Median of PE Ratio of 2016 IPOs on Mothers was 65.8 x

⇒High valuation compared with the foreign markets.

25% of Mothers companies moved up to the 1st Section

⇒They are enjoying the Japanese market after IPOs.


Listing Process & Requirements


Listing Schedule for Foreign CompaniesDepending on the internal systems of the company, however, it takes about one year from kick-off to listing. Note that the company needs to be audited for two business years.

OfferingListing

examination by TSEUnderwriting examination

Listing preparationSelection of parties

involved in the listing

Selection of parties involved in the listing

Lead underwriter Lawyers (specialized

in Japanese law) Lawyers (specialized

in applicant's home country laws)

Audit firm Financial printer Trust and banking company

Preparation of application forms

Underwriting examination by lead underwriters

Lis

tin

g a

pp

lica

tio

n

Lis

tin

g a

pp

rova

l

Lis

tin

g

About 3 months

Identification of issues to be addressed

Design and implementation of system and improvements hereto

1 month

Offering

Listing examination

by TSE

Submission of Confirmation Report prior to Initial Listing Application (for Trading Participant Handling Matters)

Submission of Confirmation Report prior to Initial Listing Application

(for Applicant Company)


Listing Examination Schedule

Resolution of board of directors authorizing listing application

Listing Application(Major documents to be submitted) • Application for Listing of Securities• Securities Report for Listing Application• Articles of incorporation• Annual Reports• Business Plan

Approval of listing by TSE (Public announcement)

Filing of the Securities Registration Statement with Prime Minister

Effective date of the Securities Registration Statement

Public offering and sales completedListing Date

ab

ou

t 3

mo

nth

s1

mo

nth

15 days

Procedure of public offering

Application entry

Preliminary confirmation

First questions and answers in writing and interview

Second questions and answers in writing and interview

On-site examination

Third questions and answers in writing and interview

Meeting with president, statutory auditor and accounting auditor

Notes:

1. The schedule shown here is a typical example

and may be subject to change.

2. TSE shall examine the regulatory system of the

home country of an applicant company in

preliminary confirmation procedure. Note that,

it may take longer time than the others when

the applicant company is the first from its

country to apply.


Formal Requirements for ListingIn the case of dual listing on Main Market, requirements of "market capitalization of tradable shares" and "ratio of tradable shares to listed shares“ do not apply for applicants.

Note: 1US$ = 100JPY

1st Section 2nd Section Standard Growth

Number of shareholders 2,200 or more 800 or more 200 or more ―

Tradable shares

Number of tradable shares20,000 units

or more

4,000 units

or more

2,000 units

or more―

Market capitalization of

tradable shares

JPY 1 billion

(USD 10m)

or more

JPY 1 billion

(USD 10m)

or more

JPY 500 million

(USD 5m)

or more

―

Ratio of tradable shares to

listed shares35% or more 30% or more 25% or more ―

Public offering ― ―500 trading units

or more―

Market capitalization of listed

shares

JPY 25 billion

(USD 250m)

or more

JPY 2 billion

(USD 20m)

or more

JPY 1 billion

(USD 10m)

or more

―

Number of years of business

operation1 year or more ―

Shareholders' equity ―JPY 200 million

(USD 2m) or moreNot negative ―

Amount of profits or Market

capitalization―

[Ordinary profit]

JPY100 million

(USD 1m) or more

[Market cap]

JPY5 billion

(USD 50m) or more

― ―

JPY 1 billion (USD 10m) or more

[Ordinary profit]

Total amount of JPY500 million (USD 5m) or more

in the last 2 fiscal years

[Market cap]

Market cap: JPY 50 billion (USD 500m) or more

Sales: JPY 10 billion (USD 100m) or more

10 percent or more

or 1,000 trading units

200 or more

JPY 500 million

(USD 5m)

or more

―

―

―

―

Main Market

Mothers

JASDAQ TOKYO

PRO Market

3 years or more

In the case of dual listing, these requirements do not apply for applicants

In the case of dual listing, these requirements do not apply for applicants.


Overview of Listing Examination for MothersTSE examines the company, which meets “Formal Requirements” and conducts an examination based on the “Eligibility Requirements.”When applying TSE rules to a foreign country or a foreign corporation where the foreign country or the foreign corporation is an issuer of a listed security, TSE shall also take into account the legal systems, practices and customs in such foreign country or the country of the foreign corporation.

Appropriateness of the Disclosure of Corporate Information, Risk Information, etc.

– The company is able to make disclosure of the corporate information, risk information, etc. may

be carried out in an appropriate manner

Soundness of Corporate Management

– The company is carrying out business in a fair and faithful manner

Effectiveness of Corporate Governance and Internal Management System of an Enterprise

– Corporate governance and internal management system are developed in accordance with the

size, corporate maturity, etc. of the enterprise, and functioning properly

Reasonableness of the business plan

– The listing applicant has developed reasonable and suitable business plans, and has

developed the operating base necessary for executing such business plans, or there is

reasonable expectation that it will develop such operating base

Other matters deemed necessary by the Exchange from the viewpoint of the public interest or the

protection of investors

a. Shareholders’ rights and exercise of such rights are not unduly restricted.

b. Relationship with a parent company is deemed appropriate.

c. Other matters are deemed appropriate in light of public interest and investor protection.

1

2

3

4

5


Roles of Each Party Involved in an IPO

Financial Services Agency

Trust and Banking

Company

Lead Underwriter

Issuer

Law Firm(Japanese law

/home country laws)

Audit Firm(foreign audit

firm, etc.)

TSE and JPX Regulation

Listing examination

Consultation and underwriting examination

Submission of a “Sponsor’s Letter of Recommendation”

Filing of statutory disclosure documents

Financial Printer

Legal check and review Legal opinion Assistance in preparing

disclosure documents

Audit (audit opinion)

Printing of prospectus

Assistance in preparing disclosure documents

Shareholder services Dividend payment bank Issuance of JDRs

Lead underwriting agreement


Listing Fees to Tokyo Stock Exchange

When TSE is the main marketWhen TSE is not the

main market

Mothers JASDAQFirst Section Second Section First & Second Sections

Listing Examination Fee US$ 40,000 US$ 20,000 US$ 20,000 US$ 20,000

Initial Listing Fee US$ 150,000 US$ 120,000US$ 25,000

+ Fixed rate fee (See below)

US$ 10,000 US$ 60,000

Public Offering/Sales Fee

Number of new shares offered×offer price×(9/10,000)

Number of existing shares sold×sales price×(1/10,000)

―

Number of new shares offered×offer price× (9/10,000)

Number of existing shares sold×sales price× (1/10,000)

―

Note: 1 1US$ = 100JPY2 Furthermore, in cases where an applicant previously filed a listing application or preliminary application and the applicant intends to file a re-application within three years counting from the

beginning of the business year to which the most recent application date belongs (in case of the preliminary application, the date which was described in the preliminary application form for listing of securities as the date on which the listing application was expected to be filed), the listing fees is expected to be halved.

3 When TSE implements a on-site visit or meeting, etc. at locations remote from Japan, in particular including Europe, the US, and so on, TSE will separately charge the applicant the amount equivalent to actual expenses incurred for the on-site visit and meeting purposes.

Fees for Initial Listing on TSE

Initial Listing Fee for Foreign Stock, etc. with a Main Market Listing on any Overseas Exchange

Initial listing fee for foreign stock, etc. with a main market listing on any overseas exchange is computed as JPY2.5 million plus a fixed rate fee as shown in the table below:

Ratio of number of foreign stock, etc. held by individuals and legal entities having address and residence in Japan to the total number of listed foreign stock. etc.

Initial Listing Fee

More than 5% US$ 25,000＋Number of Listed Foreign Stock, etc.× (225/10^6) ×1/10

More than 2% and less than or equal to 5% US$ 25,000＋Number of Listed Foreign Stock, etc.× (225/10^6) ×1/20

Less than or equal to 2% US$ 25,000＋Number of Listed Foreign Stock, etc.× (225/10^6) ×1/50

Note: 1 1US$ = 100JPY


IPOs in Japan in 2016- Underwriters & Accounting Firms

Number of IPOs by Underwriter in Japan in 2016(Total: 83 Cos) 1, 2

Number of IPOs by Accounting Firm in Japan in 2016(Total: 83 Cos) 1

Note: 1 The data excludes Tokyo Pro Market, REITs and Infrastructure Funds.2 Daiwa and Mitsubishi UFJ Morgan Stanley count Menicon’s IPO.

Mizuho, 18Cos, 22%

Nomura, 17Cos, 20%

Daiwa, 15Cos, 18%

SBI, 13Cos, 16%

SMBC Nikko, 12Cos, 14%

Tokai Tokyo, 5Cos, 6%

Mitsubishi UFJ MS,

2Cos, 2%

Ichiyoshi, 1Cos, 1%

SMBC FRIEND, 1Cos, 1%

Ernst & Young

ShinNihon, 28Cos, 34%

Deloitte Touche

Tohmatsu, 23Cos, 28%

KPMG AZSA, 13Cos, 16%

Grant Thornton

Taiyo, 8Cos, 10%

PwC Arata, 3Co, 3%

BDO Sanyu, 3Co, 4%

BDO Toyo, 2Co, 2%

Gyosei, 2Co, 2%

Crowe Horwath

Yusei, 1Co, 1%


Case Study: Techpoint, Inc.~JDR~


Outline of Techpoint, Inc.

Company Name Techpoint, Inc.

Nationality U.S.

Listing Date 29th September 2017

Listing market Mothers

Company Code 6697

Date of Foundation April 2012

CEO and President Fumihiro Kozato (Japanese)

Outline of the BusinessFabless semiconductor company that designs, markets and sells mixed-signalintegrated circuits for multiple video applications in the security surveillance andautomotive markets

Consolidated Subsidiaries Japan, China

Number of Employees 40 (As of end of June, 2017)

Accounting Standard U.S. GAAP

Revenue Dec. 2016：27,156 （1,000 US dollar)/Dec. 2015：20,245（1,000 US dollar)

Income from Operations Dec. 2016：5,363（1,000 US dollar)/Dec. 2015：3,886（1,000 US dollar)

Net Income Dec. 2016：3,481（1,000 US dollar)/Dec. 2015：4,057（1,000 US dollar)

Lead Managing Underwriter Mizuho Securities

Auditor BDO USA, LLP

Issuing AgentU.S. Law：Pillsbury Winthrop Shaw PittmanJapanese Law：MORI HAMADA & MATSUMOTOLead Underwriter：Anderson Mori & Tomotsune

JDR Issuer (Trustees) Mitsubishi UFJ Trust Bank, Master Trust Bank of Japan


0

10

20

30

40

50

60

70

10

11

12

13

14

15

16

17

18

19

20

2017.09.29 2017.09.30 2017.10.01 2017.10.02 2017.10.03 2017.10.04 2017.10.05 2017.10.06

Market Cap(right axis) Trading Value(right axis) Price(left axis)

Outline of Techpoint, Inc.

US $ Million US $

Stock prices stop high

• JDR Market Cap: 38 million US $• PER：69.78x• PBR:4.71x• Sales: 38 million US $• Net Profit: 6 million US $

（※）Source：TSE


IPO Information

Listed Shares(total) 1,520,000 Trading Unit 100

New Shares 1,520,000 Existing Shares 0

Shares OutstandingPre IPO 4,433,405.00

PostIPO 16,695,905.00

Expected Pricing Date 2017/09/09

Book Building Start 2017/09/12 Book Building End 2017/09/15

Fix Date 2017/09/19

Offering Starts 2017/09/20 Offering Ends 2017/09/25

Expect Pricing Y620～Y650Notional PER

(based on previous period)22.96～24.07


Fabless・Business Model Techpoint is a Fabless semiconductor company that designs, markets and sells mixed-signal

integrated circuits for multiple video applications in the security surveillance and automotive markets It is focusing on the Design of Semiconductor while avoiding from investing in facilities.

Customer（Manufactures of finished products）

Sales Agent

Techpoint Group

Semiconductor Foundry House

Semiconductor Assembly house

Semiconductor Test house

Consolidated CompaniesTechpoint

→Design of SemiconductorChina Japan

Customer・Technical Support

Customer・Technical Support

Sale Shipment of finished productOrderPayment

OrderPaymentSale

DesignSemiconductor

Shipment of finished product

Contract of testingPayment

Contract manufacturing, Payment

PackageAssembly ContractPaymentShipment of Wafer

Shipment of package

（※）Source：Securities Registration Statement


Listing on TSE via JDR

What is JDR?

Abbreviation of “Japanese Depositary Receipt.”

JDR is a viable alternative for a foreign issuer who cannot list its shares directly in foreign countries under local laws, etc.

JDR has an advantage in that it is treated as domestic securities.

The requirements under the Japanese securities law and the TSE rule to list JDR are basically the same as those to list shares directly.

– An issuer of underlying shares (not a trustee) needs to disclose under the Japanese securities law.

– An issuer of underlying shares is the applicant of the JDR to TSE.

Exchange Traded Notes and ETFs issued by foreign institutions have been already listed on TSE by using the JDR scheme.

Trustor(Securities Company)

Foreign Company(Issuer)

Trustee(Trust Bank)

Foreign Financial Institution

(Custodian)

Tokyo Stock Exchange

Investors

(1) Assignits shares

(5) IPO of JDRs

(7) Make payment

(6) Make payment

(4) Issue JDRs

(2) Entrust the shares (3) Storage of the shares

(8) Buy/Sell JDRs

Japan

Home Country

JDR JDR

JDR


Case Study: SanBio~Corporate Inversion~


IPO Case Study:SanBio Co LtdSanBio, a Mountain View cell therapy company, successfully offered US$ 149.5 million and newly listed on Mothers of Tokyo Stock Exchange as Japanese Company on April 8, 2015.

0

20

40

60

80

100

120

140

0100200300400500600700800900

1,000

8-A

pr-

15

8-J

un-1

5

8-A

ug-1

5

8-O

ct-1

5

8-D

ec-

15

8-F

eb-1

6

8-A

pr-

16

8-J

un-1

6

8-A

ug-1

6

8-O

ct-1

6

Turn

over

(US$ m

illio

n)

Mark

et

Cap (

US$ m

illio

n)

Turnover(US$ million)

Market Cap(US$ million)

Company Profile/IPO summary

Company Name SanBio Co Ltd [Mothers: 4592]

President Keita Mori

FoundationFeb. 27, 2013 (Japanese Co)* Originally found in U.S. in Feb.

2001.

IPO Date Apr. 8, 2015

Underwriter Nomura Securities

Offering Price JPY2,000 (First Price： JPY1,710)

IPO Amount(New Shares / Sale)

US$149.5 million(US$80.0 million/US$69.5 million)

Market Cap(offering price/first price)

US$872.4 million/ US$745.9 million

WEB http://www.san-bio.com/

Business Source: Dow Jones News, BioCentury

Product Pipeline

Summary of Financial Data Market Cap Chart

SB623 When administered into neural tissue, SB623 reverses neural damage. Since SB623 cells are allogeneic, a single donor's cells can be used to treat many patients.

SB618 SanBio is developing SB618 for the treatment of conditions involving inflammatory injury of neurons such as multiple sclerosis and spinal cord injury. Like SB623, SB618 cells are allogeneic, a single donor's cells can be used to treat many patients.

SanBio develops regenerative cell therapy, undertaking U.S. clinical trials on chronic stroke patients who have not responded to conventional therapies. Thus far, its SB623 treatment has shown promising results, and could have positive implications for other firms involved in the therapy. In September 2014, Sumitomo Dainippon Pharma Co. Ltd. exercised an option to co-develop and exclusively market SB623 in the U.S. and Canada. The pharma paid $6 million up front and the biotech can receive up to $74 million in development milestones, up to $125 million in sales milestones and double-digit royaties. Teijin has an exclusive development and sales rights license for Japan for SB623.

Note: 1 1US$ = 100 JPY.

Source: Bloomberg

0.0 1.3 1.7

27.3

9.9

-6.7 -5.4

-0.4

14.7

-8.4-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Jun-13 Jun-14 Jun-14 Jun-15 Jun-16

(US$ m

illio

n)

Revenue Net Profit

Programs Preclinical IND Phase I & II

SB623

Stroke

Traumatic Brain Injury

Retinal Diseases

Parkinson's Disease

Spinal Cord Injury

SB618

Spinal Cord Injury

SB308

Dystrophy


Corporate InversionCorporate Inversion (establishment of a foreign parent) is a transaction through which the corporate structure of a multinational group based in a certain country (i.e., the U.S.) is altered so that a new foreign (i.e., non-U.S.) corporation replaces the existing parent corporation as the parent of the corporate group.

e.g.: Turning a U.S.-based company into a Japan-based company

1. U.S.-based US Co. establishes JP Co. for listing in Japan.

2. JP Co. establishes SJP Co. as its subsidiary in the U.S.

3. SJP Co. in the U.S. absorbs US Co. in the U.S. through an absorption-type merger. The consideration is the shares of JP Co.

4. JP Co. lists on TSE.US Co.

SJP Co.

JP Co.

JapanUS

Share-holders

Share-holders

JP Co.(Japan-based)listed on TSE

Establishment(1)Allocation of

JP shares (3)

Invalidation of US Co. shares

(3)

Becoming a shareholder of JP Co. (3)

Listing onTSE (4)

Share-holders

Share-holders

SJP Co.(US-based)

Establishment(2)

Absorption-typemerger (3)


【SanBio】Schedule for Listing on TSE through Inversion

A Japanese subsidiary was established as a listing entity to engage in R&D at the beginning of the term immediately before the listing fiscal year. During the fiscal year prior to the listing fiscal year, the subsidiary reversed the parent-subsidiary relationship to become the parent through a triangular merger.

(1)

(2)

(3)

(4)

U.S.-based US Co. establishes JP Co. for

listing in Japan.

JP Co. establishes SJP Co. as its

subsidiary in the U.S.

SJP Co. (U.S.) absorbs US Co. (U.S.) through

an absorption-type merger. The

consideration is the shares of JP Co.

JP Co. lists on TSE.

Ordinary process(Mentioned in the prior slide)

Feb.2013

Oct.2013

Jan. 12014

Apr.2015

• SanBio, Inc. (US) established SanBio Co Ltd (Japan: listed on current Mothers) as a subsidiary with JPY 2.5 million in capital in Kojimachi, Chiyoda-ku, Tokyo to engage in research and development of technologies related to medical care, accepting its consignment, and in sales of licenses of patents of developed technologies.

SanBio

• SanBio Co Ltd (Japan) established SanBio Merger Sub, Inc. (US) as a subsidiary.

• Through an absorption-type merger, then parent company of SanBio Co., Ltd. (Japan), SanBio, Inc. (US) became an extinguished company and a subsidiary of SanBio Co., Ltd., SanBio Merger Sub, Inc. (US) became a surviving company. SanBio Co., Ltd. (Japan) allocated its shares to shareholders of SanBio, Inc. as consideration, making SanBio, Inc. its wholly-owned subsidiary, and changing the company name of the surviving SanBio Merger Sub, Inc. to SanBio Inc.

• Mar. 5, 2015: Listing on TSE Mothers approved• Apr. 8, 2015: Listed on TSE Mothers (Listed on the next fiscal year after listing

fiscal year)

Th

e f

isca

l ye

ar

imm

ed

iate

lyp

rio

r to

lis

tin

g f

isca

l ye

ar

(Fe

b.

1,

20

13

-Ja

n.

31

, 2

01

4)

Th

e n

ex

t fi

sca

l ye

ar

aft

er

listi

ng

fi

sca

l ye

ar

Source: Securities Registration Statement (New Listing) disclosed on Mar. 5, 2015


Case Study: LINE Coporation~Corporate Inversion~


LINE Corporation

0

200

400

600

800

1,000

1,200

0

2,000

4,000

6,000

8,000

10,000

12,000

Turn

over

(US$ m

illio

n)

Mark

et

Cap (

US$ m

illio

n)

Turnover(US$ million)

Market Cap(US$ million)

Company Profile/IPO summary

Company NameLINE Corporation [TSE 1st: 3938, NYSE: LN]

CEO Takeshi Idezawa

Foundation Sep. 4, 2000

IPO DateJul. 14, 2016 [NYSE]Jul. 15, 2016 [TSE 1st]

Underwriter Nomura Securities

Offering PriceJPY3,300 (US$32.84)(NYSE First Price：US$ 42.00)(TSE 1st First Price：JPY 4,900)

IPO Amount(New Shares / Sale)

US$1,328 million(US$1,155 million/US$173 million)

Market Cap(offering price/first price)

US$6,930 million/US$8,820 million (NYSE)US$10,290million (TSE 1st)

WEB http://linecorp.com/en/

Business

Segment (FY Dec 2015) Shareholders

Summary of Financial Data Market Cap Chart

LINE Corporation is a Japan-based company mainly engaged in the operation of LINE business portal business. Its LINE business portal segment includes communication and content service and advertising service. Communication and content service provides communication, contents and other services, such as LINE Pay, LINE FRIENDS and LINE Mobile. Advertising service provides LINE advertising and portal advertising services.

Note: 1 1US$ = 100 JPY.

Source: Reuters.com

Sales by business segment Sales by country

151259

396

864

1,207

-61 -19 -8

42

-76-200

0

200

400

600

800

1,000

1,200

1,400

Dec-11 Dec-12 Dec-13 Dec-14 Dec-15

(US$ m

illio

n)

Revenue Net ProfitIFRSJ-GAAP

Content (Games), US$493M

, 41%

Others, US$60M,

5%

Communication(Stickers),

US$287M, 24%

LINE advertising, US$265M,

22%

Portal advertising, US$99M, 8%

Japan, US$848M,

70%

Taiwan, US$171M,

14%

Other, US$188M,

16%

NAVER Corporation

(Korea), 74%

Stock option

holders, 11%

Japan offering,

6%

US offering,

9%

Note: After IPO. Dilutive shares.

Source: Bloomberg

Market Cap (Sep 28,2016):US$ 10.9 billion

http://gunosy.co.jp/


Appendix


＃

Listing

date Ticker Company Name MarketLead

Underwriter

Revenue

(US$ m)

Net Profit

(US$ m)

Total

IPO Amont

(US$ m)

Market Cap

(IPO Price)

(US$ m)

Market Cap

(First Price)

(US$ m)

PSR(Frist Price)

(x)

PER(Frist Price)

(x)

Market Cap

(12/31/2016)

(US$ m)

Change

(IPO to

12/31/2016)

1 27-Dec-16 3974 TBCSCAT JQS SMBC FRIEND 29.3 1.1 3.5 25.5 81.9 0.9 22.9 62.9 147%

2 22-Dec-16 3969 Atled Mothers Daiwa 8.5 1.7 12.4 39.6 92.6 4.7 22.7 86.2 118%3 21-Dec-16 3968 Segue Group JQS Mizuho 61.7 1.0 4.1 22.9 74.1 0.4 23.2 111.7 388%

4 7-Oct-16 3965 Capital Asset Planning JQS Nomura 32.4 1.0 3.7 23.6 54.2 0.7 24.6 57.6 145%5 26-Sep-16 3960 Valuedesign Mothers SMBC Nikko 12.4 -1.9 6.9 28.7 60.8 2.3 - 58.8 104%6 16-Sep-16 3940 Nomura System Corporation JQS Mizuho 22.7 2.6 5.3 17.0 25.7 0.8 6.5 29.0 70%7 23-Jun-16 6193 VIRTUALEX CONSULTING Mothers Nomura 37.6 1.7 13.6 31.2 35.4 0.8 18.1 33.1 6%8 21-Jun-16 3937 AWS HOLDINGS Mothers SBI 25.9 0.3 3.1 33.1 111.1 1.3 103.4 79.5 140%9 22-Mar-16 3933 CHIERU JQS Mizuho 15.6 0.9 4.3 14.6 38.7 0.9 15.9 59.4 307%10 21-Dec-15 9416 VISION Mothers Mizuho 101.9 2.8 52.8 155.5 172.0 1.7 62.5 250.9 61%11 18-Dec-15 3927 AHKUN Mothers SMBC Nikko 9.9 1.1 7.8 29.2 105.7 10.7 97.2 31.6 8%12 11-Dec-15 3924 R&D COMPUTER TSE 2nd Nomura 63.3 2.3 8.6 34.0 69.1 1.1 30.3 66.7 96%13 9-Dec-15 3923 RAKUS Mothers Mizuho 34.1 3.8 5.0 121.7 399.9 11.7 105.6 286.1 135%14 27-Nov-15 3921 NEOJAPAN Mothers SMBC Nikko 17.2 1.7 7.3 32.3 161.9 9.4 93.9 70.5 119%15 15-Sep-15 3920 IBC Mothers Nomura 8.1 1.3 12.4 37.2 130.7 16.2 97.6 55.4 49%16 4-Aug-15 3918 PCI HOLDINGS Mothers Mizuho 69.1 4.5 10.5 39.6 106.8 1.5 23.8 98.7 149%17 18-Jun-15 3916 Digital Information Technologies JQS SMBC FRIEND 80.5 2.1 7.2 45.2 156.6 1.9 74.6 152.8 238%18 16-Jun-15 9417 SMARTVALUE JQS Daiwa 63.7 0.9 6.2 17.1 75.9 1.2 87.9 36.9 116%19 30-Apr-15 3915 TERRASKY Mothers Daiwa 11.0 -0.2 3.9 23.5 105.6 9.6 na 153.8 556%20 27-Mar-15 3913 SMEDIO Mothers SMBC Nikko 7.7 0.5 9.5 43.5 69.1 9.0 140.5 37.3 -14%21 17-Mar-15 3910 MKSYTEM JQS Okasan 6.7 1.2 5.6 17.8 76.9 11.4 62.1 46.6 162%

Median 25.9 1.2 6.9 31.2 81.9 1.7 62.1 62.9 119%

Software/SIer IPOsfrom 2015 to 2016

SMARTVALUE(Cloud Solution)

TERRASKY(Cloud Introducing Consulting)

SMEDIO(Digital MediaSoftware)

MKSYTEM(Social and Labor Insurance Software)Source: Bloomberg,

Companies’ websiteNote:

1 US$ = 100 JPY2 As of December 31, 2016.

IBC(Security Hardware)

PCI HOLDINGS(SIer)

DITAL INFORMATION TECHNOLOGIES(SIer)

Vision (Wifi)

Ahkun(Security Hardware)

R&D Computer(SIer)

RAKUS (Groupware ERP for SME)

NEOJAPAN (Groupware)

CHIeru(Edtech)

VirtualexConsulting(CRM)

AWS Holdings(Offshore IT Development)

Nomura SystemCorporation(SAP ERP)

Valuedesign(Online Pre-PaidCard)

Atled(Work-flow)

Segue Group (Security)

TBCSCAT (ICT for Beauty salon)

Capital Asset Planning (Financial Institutions’SIer)


＃

Listing


Underwriter

Revenue

(US$ m)

Net Profit

(US$ m)

Total

IPO Amont

(US$ m)

Market Cap

(IPO Price)

(US$ m)

Market Cap

(First Price)

(US$ m)

PSR(Frist Price)

(x)

PER(Frist Price)

(x)

Market Cap

(12/31/2016)

(US$ m)

Change

(IPO to

12/31/2016)

1 21-Dec-16 3970 Innovation Inc Mothers SMBC Nikko 13.0 0.1 6.3 23.6 74.2 1.8 179.3 57.8 145%2 27-Oct-16 6535 I-mobile Co Ltd Mothers SBI 150.6 18.3 84.1 292.4 272.5 1.9 16.0 201.2 -31%3 27-Sep-16 3961 Silver Egg Technology Mothers Daiwa 6.0 0.7 5.4 24.6 71.7 4.1 32.9 86.9 253%4 14-Sep-16 6533 Digital Identity Mothers Mizuho 36.1 0.8 6.4 31.9 60.0 0.9 40.6 54.2 70%5 15-Jun-16 6195 HOPE Mothers Mizuho 11.4 0.5 4.3 18.8 43.3 1.6 39.5 22.0 17%6 31-Mar-16 3922 PR TIMES Mothers SBI 8.5 0.5 11.7 40.6 64.5 4.8 85.3 50.4 24%

7 18-Mar-16 9466AIDMA MARKETING

COMMUNICATIONMothers Mizuho 65.7 2.4 26.5 97.3 83.1 1.5 41.3 78.4 -19%

8 24-Feb-16 3930 HATENA Mothers SMBC Nikko 10.9 0.6 6.9 21.2 80.2 1.9 38.5 46.3 118%9 24-Dec-15 3929 SOCIALWIRE Mothers SBI 15.8 0.7 9.9 40.9 64.2 4.1 90.3 33.7 -18%10 22-Dec-15 6185 SO-NET MEDIA NETWORKS Mothers Daiwa 37.1 2.1 15.9 63.0 150.6 4.1 72.5 61.4 -3%11 23-Oct-15 6180 GMO MEDIA Mothers Daiwa 33.2 1.5 14.8 51.2 103.0 3.1 70.3 58.7 15%12 15-Oct-15 6177 APPBANK Mothers Nomura 30.1 3.3 17.8 81.6 119.0 3.9 36.2 63.9 -22%13 28-Aug-15 6172 METAPS Mothers SMBC Nikko 22.7 -5.1 99.1 407.0 374.9 16.6 na 522.3 28%14 16-Jul-15 3917 IRIDGE Mothers Nomura 4.8 0.2 4.6 32.3 171.1 35.7 974.2 101.9 215%15 24-Apr-15 6045 RENTRACKS Mothers SBI 21.3 1.1 7.4 42.3 64.8 3.0 57.0 54.0 27%16 19-Mar-15 3909 SHOWCASE TV Mothers Nomura 8.9 1.4 6.2 26.9 79.0 8.9 56.6 81.8 204%17 17-Mar-15 3908 COLLABOS Mothers SMBC Nikko 13.6 0.8 6.8 25.1 59.7 4.4 70.7 37.2 48%

Median 15.8 0.8 7.4 40.6 79.0 3.9 56.8 58.7 27%

Web Service and AdTech IPOs from 2015 to 2016

RENTRACKS(AdTech)

SHOWCASE TV(AdTech)

COLLABOS(Call Center)Source: Bloomberg, Companies’ website

Note: 1 US$ = 100 JPY2 As of December 31, 2016.

METAPS(App Monetization& ePayment)

IRIDGE(O2O)

Socialwire(News Wire,Incubation)

So-net Media Networks(AdTech)

GMO Media(Point Media & Social Media)

AppBank(YouTuber)

PR TIMES(News Wire)

aidMaMarketing Communication (AdTech)

HATENA (Social Bookmark)

HOPE(Ad Servicesfor Municipality)

Silver Egg Technology(AI)

I-mobile(Adtech)

Innovation Technology(Online Marketing)


＃

Listing


Underwriter

Revenue

(US$ m)

Net Profit

(US$ m)

Total

IPO Amont

(US$ m)

Market Cap

(IPO Price)

(US$ m)

Market Cap

(First Price)

(US$ m)

PSR(Frist Price)

(x)

PER(Frist Price)

(x)

Market Cap

(12/31/2016)

(US$ m)

Change

(IPO to

12/31/2016)

1 20-Dec-16 3556 RENETJAPANGROUP Mothers SBI 32.3 1.0 5.3 31.7 61.2 1.0 33.1 53.4 68%

2 31-Aug-16 3545 Defactostandard Mothers Daiwa 86.2 2.0 20.6 70.9 100.0 0.8 35.3 61.1 -14%

3 28-Jun-16 3542 VEGA CORP Mothers Nomura 74.9 1.4 15.5 82.4 103.1 1.1 60.4 150.5 83%

4 31-Mar-16 6191 EVOLABLE ASIA Mothers SBI 27.5 1.7 20.6 96.6 143.3 3.5 56.0 360.8 273%

5 17-Dec-15 3926 OPEN DOOR Mothers Mizuho 19.9 4.0 36.0 196.7 242.6 12.2 60.5 319.9 63%

6 14-Sep-15 3416 PIXTA Mothers Nomura 10.7 0.9 9.8 40.9 55.1 5.2 60.9 34.8 -15%

7 7-Jul-15 3138 FUJISAN MAGAZINE SERVICE Mothers Mizuho 19.4 1.3 5.5 42.0 95.1 4.9 75.0 42.7 2%

8 17-Jun-15 3135 MARKETENTERPRISE Mothers SMBC Nikko 29.4 1.1 7.4 37.1 98.9 3.4 86.2 25.3 -32%

9 20-Apr-15 3134 HAMEE Mothers Mizuho 46.8 1.2 11.5 46.9 78.4 1.7 64.4 147.2 214%

Median 29.4 1.3 11.5 46.9 98.9 3.4 60.5 61.1 63%

E-Commerce & Crowd Sourcing IPOs from 2015 to 2016

Source: Bloomberg, Companies’ websiteNote:


HAMEE(Smart Phone Accessories)

MARKETENTERPRISE(Online Recycling)

FUJISAN MAGAZINE SERVICE (Magazine)

PIXTA(Stock Photo Marketplace)

OPEN DOOR(e-Travel)

EVOLABLE ASIA(e-Travel,Offshore IT Development)

VEGA CORP(Furnitures)

Defactostandard(Fashion)

RENETJAPAN(Used items)


＃

Listing


Underwriter

Revenue

(US$ m)

Net Profit

(US$ m)

Total

IPO Amont

(US$ m)

Market Cap

(IPO Price)

(US$ m)

Market Cap

(First Price)

(US$ m)

PSR(Frist Price)

(x)

PER(Frist Price)

(x)

Market Cap

(12/31/2016)

(US$ m)

Change

(IPO to

12/31/2016)

1 21-Oct-16 3966 Uzabase Inc Mothers Mizuho 19.2 1.1 21.3 177.8 206.0 9.3 160.6 219.0 23%

2 15-Jul-16 3938 Line TSE 1st Nomura 1,206.7 -120.3 1,328.3 6,929.7 10,289.6 5.7 na 8,726.5 26%

3 15-Apr-16 3935 EDIA Mothers SBI 9.9 0.1 4.6 26.4 51.3 2.7 270.9 29.0 10%4 17-Mar-16 3932 AKATSUKI Mothers Nomura 43.4 3.7 73.2 260.0 239.1 6.0 70.5 513.0 97%5 21-Dec-15 3928 MYNET Mothers Daiwa 9.9 0.1 16.5 53.8 64.2 6.5 633.8 179.4 233%6 18-Dec-15 6238 FURYU TSE 1st Nomura 239.1 19.1 53.9 301.8 303.7 1.3 15.9 312.7 4%7 17-Sep-15 6176 BRANGISTA Mothers Daiwa 17.1 1.4 12.4 61.7 88.8 5.2 62.5 305.0 394%8 28-Apr-15 6047 GUNOSY Mothers Nomura 3.6 -13.9 103.3 332.5 332.5 92.6 na 318.1 -4%9 26-Mar-15 3912 MOBILE FACTORY Mothers SBI 15.5 0.7 15.2 32.2 64.2 4.1 94.3 138.4 330%10 25-Mar-15 3911 AIMING Mothers Nomura 26.3 -2.1 59.2 293.4 329.2 12.5 na 143.1 -51%11 23-Feb-15 3907 SILICON STUDIO Mothers Mizuho 72.6 4.0 31.0 115.4 233.1 3.2 58.9 93.8 -19%

Median 19.2 0.7 31.0 177.8 233.1 5.7 82.4 219.0 23%

Digital Contents & Games IPOs from 2015 to 2016

Source: Bloomberg, Companies’ website


SILICON STUDIO(Game Middleware)

GUNOSY(News App)

MOBILE FACTORY(Games)

AIMING(Games)

BRANGISTA(E-Book)

FuRyu(Print Seal)

Mynet(Games)

AKATSUKI(Games)

EDIA(Games)

Line(Mobile Messenger App)

Uzabase(News App)


＃

Listing


Underwriter

Revenue

(US$ m)

Net Profit

(US$ m)

Total

IPO Amont

(US$ m)

Market Cap

(IPO Price)

(US$ m)

Market Cap

(First Price)

(US$ m)

PSR(Frist Price)

(x)

PER(Frist Price)

(x)

Market Cap

(12/31/2016)

(US$ m)

Change

(IPO to

12/31/2016)

1 15-Dec-16 6539 MATCHING SERVICE Mothers Nomura 20.1 5.4 38.0 124.1 131.2 6.2 23.2 194.5 57%2 14-Dec-16 6538 CareerIndex Inc Mothers SBI 13.0 1.5 30.1 104.6 106.1 8.1 69.1 82.2 -21%3 29-Sep-16 3963 Synchro Food Mothers Nomura 8.5 3.2 16.9 58.8 83.2 6.9 18.2 84.0 43%4 27-Jun-16 6198 CAREER Mothers SMBC Nikko 58.0 1.9 11.1 41.9 83.2 0.7 21.8 123.6 195%5 15-Jun-16 6194 ATRAE Mothers Daiwa 8.4 0.6 13.9 68.0 160.1 8.1 105.8 128.2 89%6 19-Apr-16 3936 GLOBALWAY Mothers Daiwa 9.5 0.5 4.4 33.6 158.8 3.6 64.8 57.8 72%7 2-Mar-16 3931 VALUE GOLF Mothers Tokai Tokyo 9.4 0.2 4.7 21.5 54.0 2.3 87.0 24.4 13%8 4-Dec-15 6184 KAMAKURA SHINSHO Mothers SMBC Nikko 9.2 0.1 5.8 19.3 54.2 5.9 510.9 80.8 318%9 3-Dec-15 1435 INVESTORS CLOUD Mothers SBI 146.1 5.5 23.4 139.9 270.5 1.9 48.8 626.1 348%10 30-Jul-15 6049 ITOKURO Mothers SMBC Nikko 29.8 4.3 64.8 218.9 227.9 7.7 52.8 339.1 55%11 30-Apr-15 6048 DESIGNONE JAPAN Mothers Mizuho 5.5 1.0 19.0 66.0 99.6 18.3 100.0 170.1 158%12 24-Mar-15 6038 IID Mothers Nomura 32.1 2.6 15.3 67.0 98.1 3.1 37.5 76.9 15%13 18-Feb-15 6037 FIRSTLOGIC Mothers Daiwa 5.8 1.6 13.6 96.9 147.8 25.6 93.2 123.5 28%

Median 9.5 1.6 15.3 67.0 106.1 6.2 64.8 123.5 57%

Classified Site IPOs from 2015 to 2016

FIRSTLOGIC(Real Estate Investment)

IID(Various Sites)

DESIGNONE JAPAN(Local Information)



ITOKURO(Cram School)

Kamakura Shinsho(Life Ending)

Investors Cloud(Apartment Management)

VALUE GOLF(GOLF)

CAREER(Human Resourcesfor Aging Community)

ATRAE(Human Resourcesutilizes Big Data)

GLOBALWAY(Workplace Media & Recruiting)

Synchro Food(Foods, Restartants)

CareerIndex(HR, Schools)

MTACHING SERVICE(Lawyer, CPA, Administrative)


＃

Listing


Underwriter

Revenue

(US$ m)

Net Profit

(US$ m)

Total

IPO Amont

(US$ m)

Market Cap

(IPO Price)

(US$ m)

Market Cap

(First Price)

(US$ m)

PSR(Frist Price)

(x)

PER(Frist Price)

(x)

Market Cap

(12/31/2016)

(US$ m)

Change

(IPO to

12/31/2016)

1 16-Dec-16 7782 Sincere Mothers SBI 42.4 2.1 10.5 43.9 40.7 1.0 20.7 86.7 98%2 18-Mar-16 6190 PHOENIXBIO Mothers SMBC Nikko 8.8 0.6 11.3 67.8 66.4 7.7 119.5 54.9 -19%3 17-Dec-15 4595 MIZUHO MEDY JQS

Mitsubishi UFJ

Morgan Stanley 39.9 3.2 4.1 25.7 65.8 1.7 20.7 54.6 113%4 22-Oct-15 4594 GREENPEPTIDE Mothers Mizuho 8.2 -4.1 65.0 143.1 131.7 16.0 -31.9 236.7 65%

5 25-Jun-15 7780 MENICON TSE 1stDaiwa

Mitsubishi UFJ

Morgan Stanley622.1 10.1 45.0 303.3 526.4 0.8 52.1 606.3 100%

6 16-Jun-15 4593 HEALIOS Mothers Nomura 2.8 -4.8 83.6 476.8 584.1 208.6 na 887.1 86%7 8-Apr-15 4592 SANBIO Mothers Nomura 2.0 -5.9 149.5 872.4 745.9 365.1 na 580.0 -34%8 26-Mar-15 7813 PLATZ Mothers Daiwa 45.0 1.8 6.1 29.6 50.4 1.1 28.0 22.4 -24%

9 26-Mar-15 6039Japan Animal Referral

Medical CenterMothers SMBC Nikko 14.8 0.9 9.4 24.9 35.9 2.4 41.6 36.5 47%

Median 14.8 0.9 11.3 67.8 66.4 2.4 28.0 86.7 65%

Biotech/Medtech IPOsfrom 2015 to 2016

1 U.S. based company and 2 cell therapy companies conducted IPOs in Japan.

Source: Bloomberg, Companies’ websiteNote:


: U.S. based companies: Cell therapy companies

SANBIO(Biotech – Cell therapy, Stroke)

JARMeC(Animal Referral Medical Center)

PLATZ(Nursing Care Beds)

HEALIOS(Biotech – Cell therapy, Ophthalmic)

MENICON(Contact Lenses)

MIZUHO MEDY (In-vitro Diagnostic)

GreenPeptide(Biotech – Cancer Immunotherapeutic)

PHOENIXBIO(CRO - Transgenic AnimalsPXB-Mouse)

Sincere(Contact Lenses)


＃

Listing


Underwriter

Revenue

(US$ m)

Net Profit

(US$ m)

Total

IPO Amont

(US$ m)

Market Cap

(IPO Price)

(US$ m)

Market Cap

(First Price)

(US$ m)

PSR(Frist Price)

(x)

PER(Frist Price)

(x)

Market Cap

(12/31/2016)

(US$ m)

Change

(IPO to

12/31/2016)

1 29-Nov-16 5704 JMC Corp Mothers Nomura 13.3 1.2 11.0 23.5 44.5 1.8 19.0 39.3 67%2 18-Mar-16 6237 Iwaki TSE 2nd Daiwa 228.0 10.3 13.8 147.9 151.6 0.6 14.4 138.1 -7%3 15-Mar-16 6615 UMC Electronics TSE 1st Mizuho 1,135.7 15.3 71.2 250.7 207.2 0.2 16.4 190.2 -24%4 3-Mar-16 7811 Nakamoto Packs TSE 2nd Nomura 313.8 6.0 18.9 57.6 58.0 0.2 9.7 90.1 56%5 16-Dec-15 6464 Tsubaki Nakashima TSE 1st Nomura 360.5 38.4 313.5 607.9 635.4 1.8 16.5 606.5 0%6 29-Jun-15 6239 Nagaoka International JQS SMBC Nikko 63.6 1.5 7.2 32.8 46.1 0.7 30.2 10.8 -67%7 25-Jun-15 6167 Fuji Die TSE 2nd Nomura 150.4 7.3 26.9 106.0 160.0 1.1 21.9 119.0 12%8 24-Jun-15 6166 Nakamura Choukou Mothers Nomura 36.2 -4.2 38.2 66.2 74.0 2.0 na 56.1 -15%9 24-Mar-15 3445 RS Technologies Mothers SBI 34.8 5.2 34.2 149.6 114.2 3.3 21.8 163.1 9%

Median 150.4 6.0 26.9 106.0 114.2 1.1 17.7 119.0 0%

Manufacturing IPOsfrom 2015 to 2016



Iwaki(Chemical Pumps)

UMC Electronics(Electronics Manufacturing Service)

Nakamoto Packs(Commercial Printing)

Tsubaki Nakashima(Ball Bearings)

Nagaoka International(Screen Internal for Petroleum Refining)

Fuji Die(Wear-resistant Tools)

Nakamura Choukou(Diamond Saw Wires. etc)

RS Technologies(Silicon Wafer Recycling)

JMC(3D Printer)

Date post:	10-Aug-2020
Category:	Documents
Upload:	others
View:	0 times
Download:	0 times

IPO on Tokyo Stock Exchange for Future Growth · 2017-10-11 · 20.0x 30.0x Japan Hong Kong...

Documents