Net Protections ¥67.7 billion IPO
Davis Polk advised the international joint lead managers and joint bookrunners in connection with the initial public offering of 44,560,000 shares of common stock and Tokyo Stock Exchange listing of Net Protections Holdings, Inc.
The shares were sold by Net Protections, funds advised by Advantage Partners and management. The Japanese underwriters have an over-allotment option with respect to 2,131,000 shares. The global offering consisted of an offering in Japan and an international offering outside Japan pursuant to Rule 144A and Regulation S. Assuming full exercise of the over-allotment option, the aggregate proceeds of the global offering will be approximately ¥67.7 billion (approximately $596 million).
Net Protections is a Japanese payment services company that provides comprehensive solutions for transaction settlement across the BtoC and BtoB markets. Their main service offering is their NP Atobarai platform which provides BNPL services in the BtoC market.
The Davis Polk corporate team included partner Jon Gray, counsel Christopher Kodama and associates Chihiro Sasaki, Alexander Coley and Paul Lee. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.