Japanese broker Hirose FX prices IPO at JPY 830/share

Japanese broker Hirose FX prices IPO at JPY 830/share

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Japanese forex and binary options broker Hirose Tusyo Inc., which trades as Hirose FX and which is to list on the Japanese Stock Exchange (JSE), has set an offering price of JPY 830 per share for the scheduled initial public offer (IPO).

The listing will be launched on 18 March, 2016, under the ticker [7185]. The broker has been authorized to issue up to 18,124,000 shares on the JASDAQ Securities Exchange. This means that it can raise up to JPY 15.04 billion (about $122.5 million) from the IPO.

Currently, the company’s capital consist of only 4,531,000 shares, equal to JPY 420.8 million.

Hirose FX has also included a list of principal underwriting participants, which includes several financial service providers, including Nomura Securities Co., SMBC Nikko Securities, Mizuho Securities Co., SMBC Friend Securities Co., Okasan Securities Co., Daiwa Securities Co., and others.

The broker got the green light for the listing about a month ago.

Osaka-based Hirose FX was set up in 2014 and operates units regulated in Japan and the UK. Other forex brokers listed on the TSE are GMO Click Holdings Inc. and Invast Securities. The company has a UK-regulated subsidiary, Hirose Financial UK, in addition to units in Hong Kong and Malaysia.

In February 2016, CMC Markets, a UK-based online forex and contracts for difference (CFDs) broker, launched an IPO on the London Stock Exchange (LSE). It offered 90.6 million ordinary shares, or 31% of its capital, for £2.40 apiece. The broker aimed to raise via the IPO some £218 million from the share issue and to hike its capital by £15 million.

In the first days of trading, however, CMC Markets’ shares dipped below their flotation price. In their first day of full trading, on 8 February, the shares lost 5% of their price and closed at £2.28 per unit and reached their lowest so far value of £2.19 on 9 February. Since then, the broker’s shares have stabelised and trade at about £2.48 per share. Analysts have noted that despite the downward trend, mostly due to the generally volatile markets, CMC Markets’ IPO is successful, unlike its failed attempt in 2006, when similarly fickle markets forced it to abandon its plans on going public.

Source: JSE

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