The shares are listed on the Tokyo Stock Exchange

Davis Polk advised the international joint lead managers and joint bookrunners in connection with the initial public offering of 46,133,200 shares of common stock, consisting of 7,000,000 newly issued shares and 39,133,200 existing shares, and Tokyo Stock Exchange listing of Tekscend Photomask Corp.

The existing shares were sold by partnerships affiliated with private equity fund Integral Corporation as the selling shareholders. The global offering consisted of an offering in Japan and an international offering outside Japan pursuant to Rule 144A and Regulation S. The Japanese underwriters have an over-allotment option with respect to 6,070,300 shares. Assuming full exercise of the over-allotment option, the aggregate proceeds of the global offering will be approximately ¥157 billion (approximately $1.024 billion).

Tekscend Photomask is a global provider of photomasks used for the manufacture of semiconductors and related support services based in Japan, with manufacturing facilities in Asia, Europe and the United States, and was carved out of TOPPAN Holdings Inc. with Integral as investment partner in April 2022.

The Davis Polk corporate team included partners Jon Gray and Christopher Kodama, counsel Chihiro Sasaki and associate Maarten van der Plas. Counsel Alon Gurfinkel and associate Ya Sheng Lin provided tax advice. Counsel Chaoyuan (Charles) Shi provided executive compensation advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.

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