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.