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 22,853,100 shares of common stock and Tokyo Stock Exchange listing of Trial Holdings Inc.

The global offering consisted of a public offering in Japan and an international offering outside Japan pursuant to Rule 144A / Regulation S. The Japanese underwriters have an overallotment option with respect to 3,427,900 shares. Assuming full exercise of the overallotment option, the aggregate proceeds of the global offering will be approximately ¥44.6 billion (approximately $302.2 million).

Trial Holdings operates an extensive network of retail stores in Japan offering a wide variety of food items and daily necessities under an “every day low price” business model. It also develops “retail technology” products and solutions that leverage data and the internet of things to improve store management efficiency and to offer customers a “smart shopping” experience.

The Davis Polk corporate team included partners Jon Gray and Christopher Kodama, counsel Chihiro Sasaki and associates Haruka Moriya and Akiko Okamoto. Counsel Alon Gurfinkel and associates Kelli A. Rivers and Ya Sheng Lin provided tax advice. Counsel Charles Shi provided ERISA advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.