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News & insights
Publications: 16 JUNE 2020
On 29 November 2019, OJK issued Regulation No.30/POJK.04/2019 on Private Placement Debt Securities and/or Sukuk Issuance (POJK 30/2019), which came into force from 1 June 2020.Read more
Publications: 15 JUNE 2020
OJK Regulation No. 17 of 2020 on Material Transactions and Change of Business Activities (POJK 17/2020) revokes Rule IX.E.2 on the Material Transaction and Change of Main Business Activities (Rule…Read more
Publications: 12 JUNE 2020
On 2 June 2020, the Financial Sector Conduct Authority and the Prudential Authority, acting with the concurrence of the South African Reserve Bank, published the final margining rules in respect of…Read more
Publications: 12 JUNE 2020
On 20 May 2020, the Financial Sector Conduct Authority (the FSCA) published a draft Conduct Standard for Exchanges (the Conduct Standard) and a draft Directive for Exchanges (the Directive). Together,…Read more
IPOs and Other Equity Offerings
Japan Post Holdings Co. Ltd., Japan Post Bank Co. Ltd. and Japan Post Insurance Co. Ltd. on their JPY1,436bn (USD12bn) triple Rule 144A/Reg S IPO. At closing this was the largest equity listing in the world and Japan’s largest privatization since 1987.
The international managers on a JPY197bn (USD1.8bn) Rule 144A/Reg S IPO in 2014 by Recruit Holdings Co., Ltd., the leading marketing media platform and HR-related service provider in Japan.
The international managers on a JPY389bn (USD3.86bn) 144A/Reg S IPO in 2014 by Suntory Beverage & Food Limited. At closing, this offering was the second-largest IPO in the world.
Japan Tobacco Inc. and the Minister of Finance of Japan on Japan Tobacco’s JPY746.9bn (USD7.8bn) Rule 144A/Reg S offering in 2013.
The international managers on a JPT241bn (USD2.4bn) Rule 144A/Reg S follow-on offering by Dai-ichi Life Insurance Company, Limited in 2014. The net proceeds from the offering were used to fund a portion of the purchase price of Protective Life Corporation. The acquisition represented the largest overseas acquisition by a Japanese insurance company.
The international managers on a JPY139bn (USD1.4bn) Rule 144A/Reg S follow-on offering by Daiwa House Industry Co., Ltd., a major construction, property management and property development group in Japan.
The international managers on a JPY78bn (USD695m) Rule 144A/Reg S IPO in 2015 by Dexerials Corporation, a manufacturer of electronic components, bonding, and optics materials.
Japan Display Inc, a manufacturer of screens for tablets and smartphones, on its JPY318bn (USD3.1bn) Rule 144A/Reg S IPO in 2015.
Nippon Prologis REIT, Inc., a J-REIT for logistics properties, on its JPY25bn (USD224m) Rule 144A/Reg S follow-on offering in March 2016 and its JPY24bn (USD215m) offering in December 2016.
The international managers on a JPY70.2bn (USD689m) Rule 144A/Reg S IPO in 2014 by Hulic Reit, Inc., a J-REIT holding commercial, retail and other properties.
Industrial & Infrastructure Fund Investment Corporation on its JPY10.9bn (USD120m) Rule 144A/Reg S follow-on offering in 2013.
SEC Filings and U.S. Securities Advice
Honda Motor Co., Ltd. and Internet Initiative Japan Inc. on their annual 20-F and other filings.
Itochu Corporation, the second largest trading company in Japan, regarding Investment Company Act of 1940 issues.
Eisai Co., Ltd., a pharmaceutical company, regarding its ADR depositary agreement.