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© 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
Tokyo Stock Exchange IPO Market Review 2016 1Q
April 8, 2016
New Listings, Tokyo Stock Exchange, Inc.
1 © 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
24 IPOs in 2016 1Q
Tokyo Stock Exchange IPO Market in 2016 1Q at a Glance
Global No.3 by IPO amount in 2016 1Q
64.8 x Median of PE Ratio of 2016 1Q IPOs on Mothers Note: 1 The number includes Tokyo Pro Market and REITs 2 Source: EY Global Trends 2016 1Q 3 PE Ratio = Market capitalization based on first price / Net profit (last fiscal year)
1
3
2
2 © 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
IPO Companies Size in 2016 1Q
TSE 2nd [2 IPOs]
JASDAQ [6 IPOs]
Mothers [13 IPOs]
Revenue Net
Profit Net Asset Market Cap (First Price)
Actual PER
(First Price) IPO
Amount2
US$ 1,136M
US$ 705M US$ 273M
US$ 43M
US$ 29M US$ 15M
US$ 996M
US$ 555M US$ 114M
US$ 332M
US$ 270M US$ 207M
13.6x
10.6x 7.7x
US$ 71M
US$ 51M US$ 31M
US$ 314M
US$ 271M US$ 228M
US$ 10M
US$ 8.1M US$ 6.0M
US$ 143M
US$ 117M US$ 91M
US$ 152M
US$ 105M US$ 58M
14.7x
12.2x 9.7x
US$ 19M
US$ 16M US$ 14M
US$ 114M
US$ 43M US$ 8.5M
US$ 7.1M
US$ 2.0M US$ 0.2M
US$ 23M
US$ 11M US$ 1.2M
US$ 261M
US$ 74M US$ 54M
218.5x
64.9x 10.4x
US$ 73M
US$ 12M US$ 3.0M
US$ 191M
US$ 69M US$ 16M
US$ 4.2M
US$ 2.0M US$ 0.9M
US$ 49M
US$ 18M US$ 8.6M
US$ 42M
US$ 34M US$ 23M
42.3x
17.8x 9.9x
US$ 11M
US$ 6.0M US$ 4.3M
US$ 1,136M
US$ 62M US$ 8.5M
US$ 43M
US$ 2.2M US$ 0.2M
US$ 996M
US$ 12M US$ 1.2M
US$ 332M
US$ 65M US$ 23M
218.5x
24.8x 7.7x
US$ 73M
US$ 11M US$ 3.0M
TSE 1st [2 IPOs]
Max Median
Min
Source: TSE Note: 1 Excluding Tokyo Pro Market and REITs. US$ = 100JPY. 2 Total of offering and sales.
All [23 IPOs]
3 © 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
Reference: IPO Companies Size in 2015
TSE 2nd [9 IPOs]
JASDAQ [11 IPOs]
Mothers [61 IPOs]
Revenue Net
Profit Net Asset Market Cap (First Price)
Actual PER
(First Price) IPO
Amount2
US$ 142,588M
US$ 888M US$ 239M
US$ 4,827M
US$ 103M US$ 10M
US$ 153,016M
US$ 478M US$ 97M
US$ 75,600M
US$ 1,028M US$ 304M
52.1x
15.6x 9.1x
US$ 6,930M
US$ 723M US$ 45M
US$ 965M
US$ 132M US$ 41M
US$ 13M
US$ 5.1M US$ 0.5M
US$ 167M
US$ 25M US$ 9.2M
US$ 190M
US$ 66M US$ 34M
65.3x
16.5x 6.7x
US$ 61M
US$ 22M US$ 8.6M
US$ 146M
US$ 21M US$ 2.0M
US$ 5.5M
US$ 1.2M US$ -14M
US$ 39M
US$ 5.9M US$ -20M
US$ 746M
US$ 103M US$ 28M
974.2x
65.5x 17.7x
US$ 150M
US$ 12M US$ 2.8M
US$ 384M
US$ 64M US$ 6.7M
US$ 4.4M
US$ 1.8M US$ 0.9M
US$ 31M
US$ 12M US$ 2.9M
US$ 157M
US$ 50M US$ 24M
87.9x
25.3x 6.6x
US$ 10M
US$ 6.2M US$ 4.0M
US$ 142,588M
US$ 33M US$ 2.0M
US$ 4,827M
US$ 1.5M US$ -14M
US$ 153,016M
US$ 8.2M US$ -20M
US$ 75,600M
US$ 99M US$ 6.7M
974.2x
41.6x 6.6x
US$ 6,930M
US$ 12M US$ 1.0M
TSE 1st [8 IPOs]
Max Median
Min
Source: TSE Note: 1 Excluding Tokyo Pro Market and REITs. US$ = 100JPY. 2 Total of offering and sales.
All [92 IPOs]
4 © 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
Stock Market Index Performance TOPIX, which represents the movement of the Tokyo market overall, is recording a high growth rate as compared with other markets.
Source: Bloomberg Note: As of March 31, 2016. Indices rebased to 100 as of November 1, 2012.
181
80
100
120
140
160
180
200
220
240
260
01-Nov-12 01-Mar-13 01-Jul-13 01-Nov-13 01-Mar-14 01-Jul-14 01-Nov-14 01-Mar-15 01-Jul-15 01-Nov-15 01-Mar-16
TOPIX (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)
5 © 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
Daily Average Trading Volume Daily average trading volume has exceeded US$ 20 billion on an ongoing basis since January 2013.
Source: Tokyo Stock Exchange Note: US$ = 100 JPY. JASDAQ was integrated with TSE market in July 2013.
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov
-15
Jan-
16
Mar
-16
Dai
ly A
vera
ge T
radi
ng V
olum
e (
US$
mill
ion,
TSE
2nd
, TSE
Mot
hers
, TS
E JA
SDAQ
)
Dai
ly A
vera
ge T
radi
ng V
olum
e (U
S$ m
illio
n, T
SE 1
st)
TSE 1st TSE 2nd TSE Mothers TSE JASDAQ
Daily Average Trading Volume (TSE 1st): US$ 20 billion
Daily Average Trading Volume (TSE 1st): US$ 30 billion
6 © 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
Number of IPOs in Japan IPOs figures1 showed a significant increase to 103 in 2015 from 86 in 2014, confirming a full-fledged recovery in the Japanese IPO market.
Note 1： The number includes Tokyo Pro Market and REITs.
1Q, 25
1Q, 24
2Q, 23
3Q, 22
4Q, 33
19 22
37
52
64
86
103
24
2009 2010 2011 2012 2013 2014 2015 2016
7 © 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
Top Six Countries by Number of IPOs in 2016 1Q
Source: EY Global Trends 2016 1Q Note: 1Q16 YTD (January–March 2016) IPO activity is based on priced IPOs as of 11 March and expected IPOs by end of March. Based on the listed
company domicile nation.
Japan ranks No.2 globally by number of IPOs in 2016 1Q
33 26
13 12 11 11
China Japan UK Australia South Korea India
8 © 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
IPO Amount by Exchanges in 2016 1Q Tokyo Stock Exchange ranks No.3 globally by IPO amount in 2016 1Q
US$2.9b US$2.7b
US$1.2b US$1.0b US$0.9b US$0.8b
HKEx(Main and GEM)
LSE(Main & AIM)
TokyoSE
Shenzhen SE(Main andChiNext)
NASDAQOMX
ShanghaiSE
Source: EY Global Trends 2016 1Q Note: 1Q16 YTD (January–March 2016) IPO activity is based on priced IPOs as of 11 March and expected IPOs by end of March.
9 © 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
Largest Global IPOs in 2016 1Q LaSalle Logiport REIT ranks No. 3 in 2016 1Q
Source: Renaissance Capital “Renaissance Capital's 1Q16 Global IPO Market Review“ Note: The data includes IPOs with a deal size of at least $100 million and exclude closed-end funds and SPACs. Data as of Mar. 28, 2016.
# Company Ticker Exchange Offer DateDeal Size($ mm) Industry
Returnfrom IPO
1 China Zheshang Bank 2016.HK Hong Kong Exchange 21-Mar $1,684 Financial n/a
2 Bank of Tianjin 1578.HK Hong Kong Exchange 21-Mar $948 Financial n/a
3 LaSalle Logiport REIT 3466.JP Tokyo Stock Exchange 4-Feb $897 Financial 8.6%
4 Metro Bank MTRO.LN LSE Main 4-Mar $571 Financial -5.0%
5 STG STG.DC Copenhagen Exchange 10-Feb $536 Consumer 3.2%
6 CYBG Group CYBG.LN LSE Main 3-Feb $496 Financial 15.7%
7 Middle East Healthcare Co MEH.AB Tadawul 1-Mar $471 Health Care n/a
8 Ascential ASCL.LN LSE Main 9-Feb $464 Communications 17.0%
9 Countryside CSP.LN LSE Main 12-Feb $440 Capital Goods 4.6%
10 CMC Markets CMCX.LN LSE Main 5-Feb $315 Financial 4.6%
10 © 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
Structure of TSE Cash Equity Market JPX offers several markets with different concepts to allow companies to make an optimal choice.
- Various Sectors and
Growth Companies -
1st Section - Large-sized companies -
1,951 Companies
2nd Section - Medium-sized
companies - 541 Companies
Market Of The High-growth and
EmeRging Stocks 225 Companies
Available to both individual and professional investors
JASDAQ Standard
742 Companies
JASDAQ Growth
44 Companies
Equity Market (3,521 companies)
Other Cash Products
Professional-oriented market: Only available to professional investors Note: As of March 31, 2016
14 Companies 20 Programs (21 kinds of bonds)
ETF 196 ETFs
ETN 29 ETNs
REIT 53 REITs
Country Fund 1 Country Fund
Venture Fund 1 Venture Fund
Infrastructure Fund None
11 © 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
TSE 1st, 2Cos, 9%
TSE 2nd, 2Cos, 8%
Mothers, 13Cos, 54%
JASDAQ, 6Cos, 25%
REIT, 1Co, 4%
IPOs in Japan in 2016 1Q - Markets & Sectors Number of IPOs by Market in Japan in 2016 1Q (Total: 24 Cos)1
Note: 1 The data includes Tokyo Pro Market and REITs. 2 The data excludes Tokyo Pro Market and REITs.
Number of IPOs by Sector in Japan in 2016 1Q (Total: 23 Cos)2
TSE Mothers, 13Cos, 54%
Web Service/Adtech,
3Cos, 13%
EC, 1Co, 5% Digital
Contents, Games & Apps,
1Co, 4%
Classified Site, 1Co, 4%
Software/Sier, 1Co, 4%
MVNO, 1Co, 4%
Biotech & Medtech, 1Co,
4% Manufacturing,
3Cos, 13%
Services, 4Cos, 18%
Financial, 2Cos, 9%
Real Estate & Construction,
2Cos, 9%
Other Sector, 3Cos, 13%
IT Sector, 8Cos, 35%
12 © 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
IPOs in Japan in 2016 1Q - Underwriters & Accounting Firms
Number of IPOs by Underwriter in Japan in 2015 (Total: 23 Cos) 1
Number of IPOs by Accounting Firm in Japan in 2015 (Total: 23 Cos) 1
Note: 1 The data excludes Tokyo Pro Market and REITs.
Ernst & Young
ShinNihon, 6Cos, 26%
KPMG AZSA, 6Cos, 26%
Grant Thornton
Taiyo, 5Cos, 22%
Deloitte Touche
Tohmatsu, 3Cos, 13%
PwC Arata, 1Co, 5%
BDO Toyo, 1Co, 4%
BDO Sanyu, 1Co, 4%
Nomura, 5Cos, 22%
Daiwa, 5Cos, 22%
Mizuho, 5Cos, 22%
SBI, 3Cos, 13%
SMBC Nikko, 2Cos, 8%
Tokai Tokyo, 2Cos, 9%
Ichiyoshi, 1Co, 4%
13 © 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
IPO Amount Ranking in Japan in 2016 1Q 23 IPO companies raised more than US$ 400 million in total.
Note: 1 1US$ = 100 JPY. 2 The data excludes Tokyo Pro Market and REITs.
#Listingdate Ticker Company Name Market
LeadUnderwriter Sector
TotalIPO Amont(US$ m)
Market Cap(IPO Price)(US$ m)
Market Cap(First Price)(US$ m)
PER(Frist Price)
(x)
1 17-Mar-16 3932 AKATSUKI Mothers Nomura Digital Contents,Game & App 73.2 260.0 239.1 70.5
2 15-Mar-16 6615 UMC ELECTRONICS TSE 1st Mizuho Electric Appliances 71.2 250.7 207.2 16.4
3 18-Mar-16 6189 GLOBAL GROUP Mothers Ichiyoshi Services 41.5 163.4 261.4 30.5
4 15-Mar-16 7184 FIRST BANK OF TOYAMA TSE 1st Daiwa Banks 30.6 312.4 332.3 7.2
5 18-Mar-16 9466 AIDMA MARKETINGCOMMUNICATION
Mothers Mizuho Web Service/Adtech 26.5 97.3 83.1 41.3
6 11-Mar-16 1436 FIT Mothers SBI Construction 22.1 80.7 74.3 11.3
7 31-Mar-16 6191 EVOLABLE ASIA Mothers SBI EC 20.6 96.6 143.3 56.0
8 3-Mar-16 7811 NAKAMOTO PACKS TSE 2nd Nomura Other Products 18.9 57.6 58.0 9.7
9 14-Mar-16 6187 LITALICO Mothers Nomura Services 17.7 80.0 150.4 41.8
10 18-Mar-16 6237 IWAKI TSE 2nd Daiwa Machinery 13.8 147.9 151.6 14.4
436.9Total (23 Cos)
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Web Service and AdTech IPOs from 2015 to 2016 1Q
RENTRACKS (AdTech)
SHOWCASE TV (AdTech)
COLLABOS (Call Center) Source: Bloomberg, Companies’ website
Note: 1 US$ = 100 JPY 2 As of March 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)
＃
Listingdate Ticker Company Name Market
LeadUnderwriter
Revenue(US$ m)
Net Profit(US$ m)
TotalIPO 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(3/31/2016)
(US$ m)
Change(IPO to
3/31/2016)1 31-Mar-16 3922 PR TIMES Mothers SBI 8.5 0.5 11.7 40.6 64.5 4.8 85.3 64.9 60%2 18-Mar-16 9466
AIDMA MARKETINGCOMMUNICATION
Mothers Mizuho 65.7 2.4 26.5 97.3 83.1 1.5 41.3 70.0 -28%3 24-Feb-16 3930 HATENA Mothers SMBC Nikko 10.9 0.6 6.9 21.2 80.2 1.9 38.5 71.5 237%4 24-Dec-15 3929 SOCIALWIRE Mothers SBI 15.8 0.7 9.9 40.9 64.2 4.1 90.3 48.5 18%5 22-Dec-15 6185 SO-NET MEDIA NETWORKS Mothers Daiwa 37.1 2.1 15.9 63.0 150.6 4.1 72.5 84.9 35%6 23-Oct-15 6180 GMO MEDIA Mothers Daiwa 33.2 1.5 14.8 51.2 103.0 3.1 70.3 77.9 52%7 15-Oct-15 6177 APPBANK Mothers Nomura 30.1 3.3 17.8 81.6 119.0 3.9 36.2 102.9 26%8 28-Aug-15 6172 METAPS Mothers SMBC Nikko 22.7 -5.1 99.1 407.0 374.9 16.6 na 230.3 -43%9 16-Jul-15 3917 IRIDGE Mothers Nomura 4.8 0.2 4.6 32.3 171.1 35.7 974.2 131.2 306%10 24-Apr-15 6045 RENTRACKS Mothers SBI 21.3 1.1 7.4 42.3 64.8 3.0 57.0 65.7 55%11 19-Mar-15 3909 SHOWCASE TV Mothers Nomura 8.9 1.4 6.2 26.9 79.0 8.9 56.6 64.3 139%12 17-Mar-15 3908 COLLABOS Mothers SMBC Nikko 13.6 0.8 6.8 25.1 59.7 4.4 70.7 30.1 20%
Median 18.6 1.0 10.8 41.6 81.7 4.1 70.3 70.8 43%
PR TIMES (News Wire)
aidMa Marketing Communication (AdTech)
HATENA (Social Bookmark)
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E-Commerce & Crowd Sourcing IPOs from 2015 to 2016 1Q
Source: Bloomberg, Companies’ website Note: 1 US$ = 100 JPY 2 As of March 31, 2016.
HAMEE (Smart Phone Accessories)
MARKETENTERPRISE (Online Recycling)
FUJISAN MAGAZINE SERVICE (Magazine)
PIXTA (Stock Photo Marketplace)
OPEN DOOR (e-Travel)
＃
Listingdate Ticker Company Name Market
LeadUnderwriter
Revenue(US$ m)
Net Profit(US$ m)
TotalIPO 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(3/31/2016)
(US$ m)
Change(IPO to
3/31/2016)1 31-Mar-16 6191 EVOLABLE ASIA Mothers SBI 27.5 1.7 20.6 96.6 143.3 3.5 56.0 136.9 42%2 17-Dec-15 3926 OPEN DOOR Mothers Mizuho 19.9 4.0 36.0 196.7 242.6 12.2 60.5 276.1 40%3 14-Sep-15 3416 PIXTA Mothers Nomura 10.7 0.9 9.8 40.9 55.1 5.2 60.9 39.7 -3%4 7-Jul-15 3138
FUJISAN MAGAZINESERVICE
Mothers Mizuho 19.4 1.3 5.5 42.0 95.1 4.9 75.0 48.2 15%5 17-Jun-15 3135 MARKETENTERPRISE Mothers SMBC Nikko 29.4 1.1 7.4 37.1 98.9 3.4 86.2 63.9 73%6 20-Apr-15 3134 HAMEE Mothers Mizuho 46.8 1.2 11.5 46.9 78.4 1.7 64.4 42.0 -10%
Median 23.7 1.2 10.7 44.4 97.0 4.2 62.6 56.1 28%
EVOLABLE ASIA (e-Travel, Offshore IT Development)
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Digital Contents & Games IPOs from 2015 to 2016 1Q
Source: Bloomberg, Companies’ website Note: 1 US$ = 100 JPY 2 As of March 31, 2016.
SILICON STUDIO (Game Middleware)
GUNOSY (News App)
MOBILE FACTORY (Games)
AIMING (Games)
BRANGISTA (E-Book)
FuRyu (Print Seal)
Mynet (Games)
＃
Listingdate Ticker Company Name Market
LeadUnderwriter
Revenue(US$ m)
Net Profit(US$ m)
TotalIPO 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(3/31/2016)
(US$ m)
Change(IPO to
3/31/2016)1 17-Mar-16 3932 AKATSUKI Mothers Nomura 43.4 3.7 73.2 260.0 239.1 6.0 70.5 451.3 74%2 21-Dec-15 3928 MYNET Mothers Daiwa 9.9 0.1 16.5 53.8 64.2 6.5 633.8 124.8 132%3 18-Dec-15 6238 FURYU TSE 1st Nomura 239.1 19.1 53.9 301.8 303.7 1.3 15.9 277.5 -8%4 17-Sep-15 6176 BRANGISTA Mothers Daiwa 17.1 1.4 12.4 61.7 88.8 5.2 62.5 418.5 578%5 28-Apr-15 6047 GUNOSY Mothers Nomura 3.6 -13.9 103.3 332.5 332.5 92.6 na 133.9 -60%6 26-Mar-15 3912 MOBILE FACTORY Mothers SBI 15.5 0.7 15.2 32.2 64.2 4.1 94.3 48.6 51%7 25-Mar-15 3911 AIMING Mothers Nomura 26.3 -2.1 59.2 293.4 329.2 12.5 na 229.4 -22%8 23-Feb-15 3907 SILICON STUDIO Mothers Mizuho 72.6 4.0 31.0 115.4 233.1 3.2 58.9 113.0 -2%
Median 21.7 1.0 42.4 187.7 236.1 5.6 66.5 181.7 24%
AKATSUKI (Games)
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Classified Site IPOs from 2015 to 2016 1Q
FIRSTLOGIC (Real Estate Investment)
IID (Various Sites)
DESIGNONE JAPAN (Local Information)
Source: Bloomberg, Companies’ website Note: 1 US$ = 100 JPY 2 As of March 31, 2016.
ITOKURO (Cram School)
Kamakura Shinsho (Life Ending)
Investors Cloud (Apartment Management)
VALUE GOLF (GOLF)
＃
Listingdate Ticker Company Name Market
LeadUnderwriter
Revenue(US$ m)
Net Profit(US$ m)
TotalIPO 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(3/31/2016)
(US$ m)
Change(IPO to
3/31/2016)1 2-Mar-16 3931 VALUE GOLF Mothers Tokai Tokyo 9.4 0.2 4.7 21.5 54.0 2.3 87.0 36.1 68%2 4-Dec-15 6184 KAMAKURA SHINSHO Mothers SMBC Nikko 9.2 0.1 5.8 19.3 54.2 5.9 510.9 77.7 303%3 3-Dec-15 1435 INVESTORS CLOUD Mothers SBI 146.1 5.5 23.4 139.9 270.5 1.9 48.8 1,027.5 634%4 30-Jul-15 6049 ITOKURO Mothers SMBC Nikko 29.8 4.3 64.8 218.9 227.9 7.7 52.8 336.3 54%5 30-Apr-15 6048 DESIGNONE JAPAN Mothers Mizuho 5.5 1.0 19.0 66.0 99.6 18.3 100.0 136.3 107%6 24-Mar-15 6038 IID Mothers Nomura 32.1 2.6 15.3 67.0 98.1 3.1 37.5 32.9 -51%7 18-Feb-15 6037 FIRSTLOGIC Mothers Daiwa 5.8 1.6 13.6 96.9 147.8 25.6 93.2 176.4 82%
Median 9.4 1.6 15.3 67.0 99.6 5.9 87.0 136.3 82%
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Software/SIer IPOs from 2015 to 2016 1Q
SMARTVALUE (Cloud Solution)
TERRASKY (Cloud Introducing Consulting)
SMEDIO (Digital Media Software)
MKSYTEM (Social and Labor Insurance Software)
Source: Bloomberg, Companies’ website Note: 1 US$ = 100 JPY 2 As of March 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)
＃
Listingdate Ticker Company Name Market
LeadUnderwriter
Revenue(US$ m)
Net Profit(US$ m)
TotalIPO 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(3/31/2016)
(US$ m)
Change(IPO to
3/31/2016)1 22-Mar-16 3933 CHIERU JQS Mizuho 15.6 0.9 4.3 14.6 38.7 0.9 15.9 34.6 137%2 21-Dec-15 9416 VISION Mothers Mizuho 101.9 2.8 52.8 155.5 172.0 1.7 62.5 115.4 -26%3 18-Dec-15 3927 AHKUN Mothers SMBC Nikko 9.9 1.1 7.8 29.2 105.7 10.7 97.2 57.7 98%4 11-Dec-15 3924 R&D COMPUTER TSE 2nd Nomura 63.3 2.3 8.6 34.0 69.1 1.1 30.3 39.1 15%5 9-Dec-15 3923 RAKUS Mothers Mizuho 34.1 3.8 5.0 121.7 399.9 11.7 105.6 193.1 59%6 27-Nov-15 3921 NEOJAPAN Mothers SMBC Nikko 17.2 1.7 7.3 32.3 161.9 9.4 93.9 66.9 107%7 15-Sep-15 3920 IBC Mothers Nomura 8.1 1.3 12.4 37.2 130.7 16.2 97.6 72.7 95%8 4-Aug-15 3918 PCI HOLDINGS Mothers Mizuho 69.1 4.5 10.5 39.6 106.8 1.5 23.8 100.9 155%9 18-Jun-15 3916 Digital Information Technologies JQS SMBC FRIEND 80.5 2.1 7.2 45.2 156.6 1.9 74.6 107.5 138%10 16-Jun-15 9417 SMARTVALUE JQS Daiwa 63.7 0.9 6.2 17.1 75.9 1.2 87.9 30.1 76%11 30-Apr-15 3915 TERRASKY Mothers Daiwa 11.0 -0.2 3.9 23.5 105.6 9.6 na 205.9 777%12 27-Mar-15 3913 SMEDIO Mothers SMBC Nikko 7.7 0.5 9.5 43.5 69.1 9.0 140.5 22.3 -49%13 17-Mar-15 3910 MKSYTEM JQS Okasan 6.7 1.2 5.6 17.8 76.9 11.4 62.1 34.4 93%
Median 17.2 1.3 7.3 34.0 105.7 9.0 81.2 66.9 95%CHIeru (Edtech)
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Listingdate Ticker Company Name Market
LeadUnderwriter
Revenue(US$ m)
Net Profit(US$ m)
TotalIPO 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(3/31/2016)
(US$ m)
Change(IPO to
3/31/2016)1 18-Mar-16 6190 PHOENIXBIO Mothers SMBC Nikko 8.8 0.6 11.3 67.8 66.4 7.7 119.5 69.3 2%2 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 52.7 106%3 22-Oct-15 4594 GREENPEPTIDE Mothers Mizuho 8.2 -4.1 65.0 143.1 131.7 16.0 -31.9 273.9 91%
4 25-Jun-15 7780 MENICON TSE 1stDaiwaMitsubishi UFJMorgan Stanley
622.1 10.1 45.0 303.3 526.4 0.8 52.1 692.3 128%
5 16-Jun-15 4593 HEALIOS Mothers Nomura 2.8 -4.8 83.6 476.8 584.1 208.6 na 631.2 32%6 8-Apr-15 4592 SANBIO Mothers Nomura 2.0 -5.9 149.5 872.4 745.9 365.1 na 670.1 -23%7 26-Mar-15 7813 PLATZ Mothers Daiwa 45.0 1.8 6.1 29.6 50.4 1.1 28.0 17.7 -40%8 26-Mar-15 6039
Japan Animal ReferralMedical Center
Mothers SMBC Nikko 14.8 0.9 9.4 24.9 35.9 2.4 41.6 35.0 41%
Median 11.8 0.7 28.1 105.5 99.1 5.1 34.8 171.6 37%
Biotech/Medtech IPOs from 2015 to 2016 1Q 1 U.S. based company and 2 cell therapy companies conducted IPOs in Japan.
Source: Bloomberg, Companies’ website Note: 1 US$ = 100 JPY 2 As of March 31, 2016.
: 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 Animals PXB-Mouse)
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【Contact】
Daikaku Kato (Daekak Lee)(Mr.)
Co-Head, New Listings Dept. Tel : +81-50-3377-7370 (Direct) E-mail : [email protected]
Junichiro Goto (Mr.)
Account Manager, New Listings Dept. Tel : +81-50-3377-7422 (Direct) E-mail : [email protected]
Atsushi Joden (Mr.)
Account Manager, New Listings Dept. Tel : +81-50-3377-7812 (Direct) E-mail : [email protected]
Hidetoshi Nagata (Mr.)
General Manager, Head of Global Listing Tel : +81-50-3377-7763 (Direct) E-mail : [email protected]
