6 Asian Legal Business | November 2024 The Briefs DEALS $2.3 bln Tokyo Metro IPO Deal: IPO Firms: Anderson Mori & Tomotsune, Davis Polk & Wardwell, Nagashima Ohno & Tsunematsu, Simpson Thacher & Bartlett Jurisdiction: Japan In a watershed moment for Asian capital markets, Tokyo Metro’s massive $2.3 billion IPO has emerged as a pivotal transaction that could reshape the trajectory of public offerings across the region. As the largest Japanese listing since 2018, this landmark deal arrives at a crucial juncture when Asian markets are actively seeking a new epicentre for IPO activity. As China’s once-dominant IPO pipeline faces mounting headwinds amid regulatory turbulence, Tokyo Metro’s stellar debut positions Japan as the region’s new IPO powerhouse. The Japanese government and regulators have thrown their full weight behind this flagship offering, recognizing its potential to catalyse a renaissance in the country’s capital markets. This watershed transaction is already recalibrating investor sentiment toward Japanese listings. Following years of muted IPO activity, Tokyo Metro’s exceptional performance is expected to unlock a surge of pent-up demand, potentially unleashing a wave of new listings that could cement Japan’s status as Asia’s premier destination for capital raising. Beyond its immediate impact, the deal showcases Japan’s unique value proposition in the global investment landscape, particularly in critical infrastructure and transportation assets. $987 mln Bain Capital’s acquisition of T-Gaia Deal: M&A Firms: Nagashima Ohno & Tsunematsu, Ropes & Gray Jurisdiction: Japan $714 mln Hillhouse and Rava Partners’ takeover bid for Samty Holdings Deal: M&A Firms: Anderson Mori & Tomotsune, Latham & Watkins, TMI Associates Jurisdictions: Japan, Singapore $696 mln Horizon Robotics’ initial public offering Deal: IPO Firms: Cleary Gottlieb Steen & Hamilton, Davis Polk & Wardwell, Jingtian & Gongcheng, King & Wood Mallesons Jurisdiction: Hong Kong $500 mln Adani Enterprises’ qualified institutional placement Deal: ECM Firms: Cyril Amarchand Mangaldas, Trilegal Jurisdiction: India $8 bln Vietjet’s acquisition of 400 CFM advanced Leap 1B aircraft engines Deal: M&A Firms: Rajah & Tann Jurisdictions: France, Vietnam $2.3 bln Nippon Paint’s acquisition of AOC from Lone Star Fund Deal: M&A Firms: Davis Polk & Wardwell, Gibson, Dunn & Crutcher Jurisdictions: Japan, U.S. $1.3 bln Swiggy’s initial public offering Deal: IPO Firms: AZB & Partners, Cyril Amarchand Mangaldas, Latham & Watkins, Shardul Amarchand Mangaldas & Co Jurisdiction: India $1.2 bln Hulic’s takeover bid for Raysum Deal: M&A Firms: Mori Hamada & Matsumoto, Nishimura & Asahi Jurisdiction: Japan
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