Park24 Placement
Park24 aims to raise around JPY25.5bn (US$210m) via selling 16m new shares at a fixed price of JPY1,644, representing a 9.9% discount to last close.Proceeds from the deal will be geared towards digital investment towards improving business efficiency and renewal of business infrastructure systems. Remaining funds will be used towards expanding its mobility fleet which includes electric vehicles. Proceeds are expected to be allocated by Oct 2024.
In this note, we will talk about the firm’s track record and run the deal through our ECM framework.
Park 24 is mainly engaged in the parking lot operation and management. As of Oct 31 2017, Co. operates 20,461 parking lots. Co. operates in three business segments. Parking Lot - Domestic and Parking Lot - Foreign segments are engaged in the subleasing of land from landowners, the management and operation of 24-hour and unmanned hourly and monthly parking facilities throughout in Japan as well as in Taiwan, South Korea, Australia, New Zealand, the United Kingdom, Singapore and Malaysia. Mobility segment is engaged in the provision of car rental services under the name of "Times Car Rental" and car sharing services under the name of "Time Car Plus."
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.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
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