INFRONEER Holdings has fixed the terms of its equity raise. It will sell 47,826,100 new shares at ¥2,179.5 each, a 3.00% discount to the ¥2,247 reference price on 21 October, and it will receive ¥2,089.62 per share.
The new shares split into 12,076,100 for the domestic offering and 35,750,000 for the overseas offering. Investors pay ¥104.24bn at the offer price, while the company receives ¥99.94bn. Underwriters buy at the payment price and sell at the offer price, so the gap of ¥89.88 a share is theirs. The company pays no underwriting fee.
The proceeds measure that matters
The relevant figure is net proceeds, not issue value. The overseas tranche carries an issue value of ¥74.70bn and net proceeds of ¥74.12bn after estimated expenses of ¥580.3mn. The domestic tranche brings in ¥25.09bn net, and the third-party allotment adds up to ¥14.92bn. Together that is a ceiling of ¥114.14bn.
| Tranche | Shares | Net proceeds |
|---|---|---|
| Overseas offering | 35,750,000 | ¥74.12bn |
| Domestic offering | 12,076,100 | ¥25.09bn |
| Third-party allotment | Up to 7,173,900 | Up to ¥14.92bn |
| Combined ceiling | n/a | Up to ¥114.14bn |
The October 2 plan put the combined ceiling at up to ¥147.2bn, with ¥117bn for short-term loans and any remainder held as an M&A reserve. The amended filings now send the full ¥114.14bn to short-term loan repayment by December 2026. They keep the same description of the business: an integration with a construction company and the addition of a water-business company. See Earlier Tokyo Brief coverage.
Over-allotment and the third-party allotment
SMBC Nikko Securities will sell 7,173,900 shares, borrowed from shareholder Hikarigaoka Kosan, in a domestic over-allotment at ¥2,179.5, worth ¥15.64bn. The third-party allotment covers the same 7,173,900 shares at ¥2,089.62, for up to ¥14.99bn. Applications for it are due on 24 November and payment on 25 November.
SMBC Nikko may buy shares in the market from 24 October to 20 November to return the borrowed stock, but it may also buy none or fewer than the full amount. Hence the word "up to" on the third-party figure.
The domestic underwriters are SMBC Nikko with 4,226,600 shares, Daiwa Securities with 4,226,600, Mizuho Securities with 2,415,200 and Nomura Securities with 1,207,700. The domestic application period runs on 22 and 23 October, with payment on 27 October and delivery on 28 October.
A separate bond filing
An amended shelf registration filed the same day is not part of the equity financing. It covers bonds, with planned issuance of ¥130bn, effective since 4 August 2026 and valid to 3 August 2028. The amendment only adds the revised extraordinary report as a reference document.