Japan Post Holdings Placement
The Japanese government plans to sell over 27% or US$8bn worth of Japan Post Holdings Co Ltd (6178 JP). The selldown was originally slated for 2019 but was called off due to negative press for Japan Post Insurance. Thus, this deal has been over two years in the making and comes nearly four years after the previous selldown.We covered the IPO and previous selldown in our prior notes, links to which are below.
Previous placement note:
Japan Post Holdings Placement - Similar Reasons, Similar Price Will Probably Yield Similar Returns
IPO and other notes:
Final call to board the mothership. They don’t come much cheaper than this.
Three’s a crowd - A minnow amongst giants risks getting lost in the chatter
Dividend yield looks enticing versus JGBs yield, while risks are similar
When the bank is cheap and holdco discount makes the mothership cheaper, then who needs insurance?
Japan Post Holdings and Japan Post Bank - Early Thoughts on a Choice of Two Trades
Japan Post Holdings and Japan Post Bank - Might Be Time to Switch - Part I
Japan Post Holdings and Japan Post Bank - Might Be Time to Switch - Part II
Japan Post Holdings is engaged in the provision of a variety of products and services, mainly its postal, banking and insurance products and services, which represent Co.'s three core businesses (Japan Post Co., Japan Post Bank Co. and Japan Post Insurance Co.) that operate through its nationwide post office network. Co.'s principal business segments are Postal & domestic logistics, Financial Window, International Logistics, Banking, Life Insurance, and others. Co. maintains a network of 20,158 post office locations, covering all of Japan's cities, towns, and villages. These post offices serve as bases for various postal, banking, and insurance services that are offered by the group.
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.
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