Aequitas Research - ExaWizards Inc (4259 JT) ... ExaWizards IPO Lock-up

Report

Aequitas Research

Clarence Chu

EUR 91.95 For Business Accounts Only

ExaWizards IPO Lock-up

ExaWizards raised around US$300m in its Japan IPO in Dec 2021, where its IPO had been priced at the top end of its indicative price range.

ExaWizards is an AI service provider in Japan, it develops and delivers AI products with the aim of addressing industry and social issues.

Coming up for lockup expiry are the Pre-IPO investors which mainly consists of PE-type/investment funds. While in our view, we would not expect a large block to come from this lockup expiry, we could expect some scattered selling across the shareholders.

Our previous coverage of the IPO:

ExaWizards IPO - AI Solutions with a Clear Direction
ExaWizards IPO Trading - Local Peers Have Traded Lower Since Bookbuild

16/06/2022 1 EN

Underlyings

ExaWizards Inc

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EXAWIZARDS INC

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JP3161330000 Japan

Provider

Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

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Analysts

Clarence Chu

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ExaWizards IPO Lock-up

PSA ERP Software / IT Services: ExaWizards (4259 JT) Fireside Chat

PSA Small- and Mid-Cap IT Services: Game of Snakes and Ladders

PSA IT Service Sector Earnings Review – Key Takeaways: Which Companies Did Better than Expected?

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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