STJ advises NIC on the successful IPO of Overlap Holdings in Japan

2025

• Overlap HDs has seen strong interest from domestic and international institutional investors since the initial investor meetings (IM#1).
• Comps stock prices have risen during Overlap's IPO preparations: KADOKAWA: Acquisition by Sony reported (2024/11), Alphapolis: Activist proposal (2024/3).
• The company conducted an Oyabike (cornerstone tranche) of approximately 5.6% for Shogakukan Inc. and The Pokémon Company, with whom it has business synergies.
• The prospectus price was set at a single price (JPY 1,600), aiming for upside.
• During the roadshow, over 60 meetings were held with institutional investors. Positive feedback was received, leading to a book building range of JPY 1,600 - 1,650; an increase of approx. 3% at the upper end of the range.
• The IPO price was set at 1,650 and number of shares offered to institutions was increased. (overall offering size +8.6% and the institutional investor portion +5%)
• The bookbuilding received almost 100 institutional investors, with a total oversubscription of many times including multiple oversubscription by LO, and pricing was set at the upper limit of the range.

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