Osaka Titanium technologies (TSE: 5726) finalized the terms of the equity raise it first announced on August 25, setting an issue price of ¥2,592 per share for 7,000,000 new shares, a 4.00% discount to the September 1 closing reference price of ¥2,700. The public offering carries a total issue price of ¥18.1bn; after the underwriters' ¥108-per-share spread, the company itself will receive ¥17.4bn.
That final figure sits below the ¥19.2bn preliminary estimate the company disclosed on August 25, which had been based on the stock's mid-August closing price. Alongside the public offering, lead underwriter Nomura Securities will sell 1,050,000 borrowed shares in an over-allotment worth ¥2.7bn, a sale that moved from conditional to confirmed in the September 1 amendment. A related third-party allotment lets Nomura buy up to 1,050,000 new shares from the company at ¥2,484 each, worth up to ¥2.6bn, to return the shares it borrowed for the over-allotment.
| Component | Size | Price per Share | Total Value |
|---|---|---|---|
| Public offering | 7,000,000 shares | ¥2,592 (issue price) / ¥2,484 (payment amount) | ¥18.1bn issue price / ¥17.4bn payment total |
| Over-allotment sale (Nomura) | 1,050,000 borrowed shares | ¥2,592 | ¥2.7bn |
| Third-party allotment (Nomura) | Up to 1,050,000 shares | ¥2,484 | Up to ¥2.6bn |
Combined net proceeds from the public offering and the third-party allotment now total up to ¥19.9bn, down from the ¥22.0bn cap disclosed in August. The more consequential change is where that money goes: the original plan set aside any residual cash for debt repayment by December 2027, but the September 1 amendment deleted that fallback entirely. Every yen raised is now committed to expanding sponge-titanium production capacity at the company's head office and Amagasaki plant by the end of March 2028. Underwriting is split among Nomura Securities (3,150,000 shares), Daiwa Securities (3,150,000 shares) and SMBC Nikko Securities (700,000 shares), none of whom receive a separate underwriting fee beyond the built-in spread. Subscriptions run September 2-3, with payment due September 9 and delivery September 10; Nomura's syndicate cover trading window, used to buy back borrowed shares on the Tokyo Stock Exchange, runs from September 4 to September 24.
A separate filing lodged the same day has nothing to do with the capital raise. Sumitomo Mitsui Trust Asset Management and Amova Asset Management jointly submitted a change report under Japan's large-shareholding disclosure rules, listing two filers on the cover page, after Amova Asset Management's holding ratio rose by more than one percentage point, the threshold that triggers a mandatory update under those rules. The pair's joint position rose to 14.61% of shares outstanding from 13.75% in the prior report, with Amova's holding climbing to 12.63% while Sumitomo Mitsui Trust Asset Management's slipped to 1.98%, or 729,200 shares. Both filers marked "no important proposal acts" on the form, and the filing describes the holdings as investment-trust and discretionary-mandate positions rather than any strategic stake tied to the offering.