Aequitas Research - VISIONAL INC (4194) Visional IPO lock-up

Report

Aequitas Research

Clarence Chu

EUR 91.90 For Business Accounts Only

Visional IPO lock-up

Visional had raised US$609m in its Japan IPO in April 2021, where it had been priced at the top end after its books were reportedly multiple times covered. Majority of shares offered were secondary, 84% of the deal, and more than 30 shareholders had either trimmed or sold their entire stake during the IPO.

Visional Inc. is a human resources (HR) technology company based in Japan. The company operates BizReach, an online recruiting platform that helps to connect professional job seekers to direct employers and third-party recruiters. It also offers HRMOS, which is a cloud-based human capital management (HCM) platform.

The Pre-IPO shareholder, YJ2 Investment, will be released from its lockup on 16th Apr 2022, 360 days post-listing.

Our previous coverage of the IPO:

Visional Inc IPO - Good Vision Muddled by Dilution and Selling Shareholders
Visional Inc IPO - Pricey Hire
Visional Inc IPO Trading Update - Good Demand, Small Upside Based on SOTP

21/04/2022 1 EN

Underlying

VISIONAL INC

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JP3800270005 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

Clarence Chu

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Visional IPO lock-up

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

PSA ERP Software: Reassessing Visional (4194 JT)

PSA Enterprise Software / IT Services: Visional (4194 JT) Update

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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