July 03, 2014

Polaris Listed Voyage On Tokyo Stock Exchange / Sold Down Ekitan Since Feb 2014

Polaris Capital has listed Voyage Group Inc., which operates online price comparison and other membership sites and provides advertising services, on Tokyo Stock Exchange’s Mothers market on July 2nd.

In June 2012, Polaris Private Equity Fund II acquired a majority stake, reportedly 62%, in Voyage supporting the management buyout from the then parent Cyber Agent.

According to Polaris press release:
"VOYAGE GROUP, through implementation of its mid-term business plan (the first 100 day plan) formulated in collaboration with Polaris, strengthened the earning power of the membership and media business, and secured the position of industry leader in the rapidly growing market of advertising technology. Consequently, the sales for the current FY ending Sep 2014 is expected to reach JPY 14 billion (company forecast), more than 70% increase in 2 years since the MBO. The operating profit for FY ending Sep 2014 is expected to be JPY 1.5 billion (company forecast) showing an exponential increase from JPY 2 million in FY ending Sep 2012."

Prior to the listing, Polaris sold 25.32% of total outstanding shares of Voyage at JPY 2, 208 for the total sum of approx. JPY 6.2 billion to underwriters. As of July 2nd, Polaris continue to own 25.65% of Voyage.

The stock price jumped at the listing and the first trading price (JPY 3,360) exceeded the listing price (JPY 2,400) by 40%.

Polaris has also sold 19.3% of Ekitan through 3 transactions since Feb 2014 for about JPY 682 million. Current holding is only 4.23%.


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