Sushiro IPO - Permira selling 19million shares at ¥3,600 raising ¥68.843bn ($610.8m), Japan

31 March 2017

STJ Advisors, Japan

www.stjadvisors.co.jp

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Permira has successfully listed Sushiro, Japan’s largest and best-in-class chain of kaiten (conveyor delivery) sushi restaurants on the 1st section of the Tokyo Stock Exchange.

STJ has advised on all stages of the IPO from the selection of advisors through their engagement and all aspects of the preparation, right up to pricing and listing. This took place over the last 12 months.

Permira sold 19,123,100 shares representing 70% of the company, raising ¥68.8bn ($610.8m) and valuing the entire company at ¥101.5bn ($877.1m) at the issue price.

Although book building took place as the FOMC met and the US prepared for Donald trump’s defeat in his first Senate Bill, the shares were successfully priced at ¥3600. This is STJ’s 6th IPO in Japan and our first for Permira Japan.

The underwriters and Joint Global Co-ordinators were Nomura, Morgan Stanley and UBS
STJ advised the Company and Permira on all aspects of the IPO process – bank selection and terms of appointment, early investor meetings and pre-hearing), timing of the offering, offer structure, valuation feedback analysis, price range setting, bookbuilding tactics, sizing, pricing and allocations.

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