STJ Advisors acted as independent advisor to the Carlyle Group on the IPO of Tsubaki Nakashima Co Ltd, a leading precision ball manufacturer with world leading spherical surface technology, on the Tokyo Stock Exchange. The IPO priced at ¥1,550, valuing the company at ¥60bn, and raised proceeds of ¥31bn / $255m. The institutional tranche of the offering, which accounted for around 50% of the offer size, was well received by a wide range of investors in the US, Europe, Hong Kong and the rest of Asia, and was multiple times covered at the strike price.
STJ was involved in every aspect of the capital market factors of the transaction including selection of the syndicate, valuation, investor targeting, early investor education, pilot fishing, pre-deal roadshow, bookbuilding and pricing. STJ helped to achieve an unprecedented level of transparency for a Japanese IPO, allowing the selling shareholders to gauge international investor sentiment at all stages and paving the way for a successful listing.