Aequitas Research - Recruit Holdings Co. Ltd. (6098) Recruit Holdings Placement

Report

Aequitas Research

Sumeet Singh

EUR 87.87 For Business Accounts Only

Recruit Holdings Placement

Toppan aims to raise up to US$966m via selling 0.9% stake in Recruit Holdings. This is not the first selldown by Toppan and Recruit has seen a number of deals in the past, all of which have done well.

In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

We have covered a number of Recruit's past placements since 2016:
About US$2.3bn secondary in September 2016 - Recruit Holdings - Time to Hire More Long-Term Shareholders
About US$263m secondary in January 2019 - Recruit Holdings Placement - A Tiny, Long Overdue Sell Down
About US$3.8bn secondary in August 2019
First-look: Recruit Holdings Placement: First Major Sell Down Since 2016
Detailed valuation + past deals: Recruit Holding Placement: Thoughts on Valuation, Past Placements, and Index Event
Final look before pricing: Recruit Holding Placement: Pre-Pricing Risk-Reward Analysis
US$3.5bn selldown in Nov 2020 - Recruit Holdings Placement - Another Major Selldown But, This Time, with a Much Shorter Time Frame

09/12/2021 7 EN

Underlying

Recruit Holdings Co. Ltd.

Recruit Holdings is a holding company. Through its affiliates, Co. operates in four business segments: marketing media, HR media, staffing, and other. Marketing Media segment is engaged in the provision of information on housing, bridal, post-secondary education for high school students, automobiles, lodging accommodation, restaurants, and beauty salons. HR Media segment is engaged in the provision of services that offer employment information to job seekers both in Japan and overseas. Staffing segment is engaged in the provision of staffing services in Japan and overseas. Other segment is engaged in the planning, operation, outsourcing, and other of digital content services.

See profile

JP3970300004 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.

See profile

Analysts

Sumeet Singh

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Recruit Holdings Placement

PSA Strategy: Japan Stock Market Quarterly for 2025 Q2

PSA e-Commerce: Japan’s Cashless Penetration Rate Tops 36%

PSA Commercial Services: Recruit Holdings (6098 JT) – Recent Decline Has Made Valuations More Attractive

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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