Skadden, Arps, Slate, Meagher & Flom Acted For Trial Holdings On $258 Million IPO On Tokyo Stock Exchange

Skadden, Arps, Slate, Meagher & Flom Acted For Trial Holdings On $258 Million IPO On Tokyo Stock Exchange

The transition is so far considered the largest this year

US law firm Skadden, Arps, Slate, Meagher & Flom has advised Japanese discount-store chain operator Trial Holdings on its $258 million initial public offering (IPO) on the Tokyo Stock Exchange.

The February report of S&P Global observed that Japan's IPO market would experience strong growth this year, after a subdued prior two years, on the back of corporate governance reforms, earnings improvement and strong foreign investor interest.

The investors’ interest in Japanese stocks surged in recent months, helping drive the Nikkei 225 index to hit an all-time high of 39,233.71 on 26 February, beating a previous high from 34 years ago.

The RBC Wealth Management recently claimed that the corporate governance reform of the Tokyo Stock Exchange, the return of inflation after the Covid-19 pandemic, and the Japanese government's revamp of the Nippon Individual Savings Account (a tax-free stock investment program for individuals), were driving the investor interest.

During the last few years, Skadden, Arps, Slate, Meagher & Flom advised on several Japanese IPOs, including Daiei Kanyo on a $325 million listing and chipmaker Socionext on a $460 million public offering.

The team of Skadden, Arps, Slate, Meagher & Flom was led by Tokyo-based corporate partner Kenji Taneda.