Four firms act on Trial debut in this year’s largest Japan IPO

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Trial Holdings' Japan IPO debut
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Trial Holdings, a discount-store chain operator in Japan, has successfully concluded its global initial public offering (IPO) on the Tokyo Stock Exchange, raising around USD258 million.

Skadden, Arps, Slate, Meagher & Flom acted as Trial Holdings’ US law counsel, with corporate partner Kenji Taneda at the helm, supported by counsel Ken Kiyota and associates Tetsuya Kumamoto and Jaewon Moon, all based in Tokyo.

Anderson Mori & Tomotsune acted as Trial Holdings’ Japanese law counsel, with Kagayaki Funakoshi and Shimpei Nohara serving as lead partners.

Mori Hamada & Matsumoto acted as the banks’ Japanese law counsel, with lead partner Toshimitsu Nemoto.

Davis Polk & Wardwell acted for the banks, ensuring compliance with US federal securities law. The firm did not respond to our request for lead partner information.

The IPO garnered substantial interest from international investors, facilitated by Daiwa Capital Markets Europe, Morgan Stanley and Citigroup Global Markets, collectively acting as the international representatives. A total of 15,768,600 international shares were purchased.

The IPO, which closed on 19 March 2024, stands as the largest completed in Japan to date this year.

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