Davis Polk advised the joint lead managers and joint bookrunners in connection with the initial public offering of 9,673,600 shares of common stock of Forum Engineering Inc. The shares were sold by several selling shareholders. In addition, the representative of the Japanese underwriters, has an over-allotment option with respect to 674,800 shares in connection with the Japanese offering. The global offering consisted of an offering in Japan and an international offering outside Japan pursuant to Rule 144A and Regulation S. The aggregate proceeds of the global offering will be approximately ¥12.6 billion (approximately $117.2 million). The aggregate proceeds of the over-allotment option, if exercised in full, will be approximately ¥883 million (approximately $8.1 million). The shares were listed on the Tokyo Stock Exchange.
Forum Engineering is a leading staffing service company for engineers in Japan, ranking fifth in terms of sales among Japanese engineer temporary staffing service providers in 2018.
The Davis Polk corporate team included partner Jon Gray, counsel Christopher Kodama and associate Mari Foster. Counsel Alon Gurfinkel and associate Summer Xia provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.