Each side took a step back and reached a compromise.

In the end, Shirakawa's valuation was set at around 580 billion yen.

This valuation is about 7 times the profit of Shirakawa Electric for the whole year, and to be honest, Shirakawa Kaede is quite satisfied.

For the manufacturing industry, such a valuation multiple is already considered high.

This is also the first persuasion bank and Nomura Securities are optimistic about the future of Shirakawa Electric, so they gave such a high valuation.

If it is a more traditional manufacturing industry, such as clothing, wood and other industries without high added value, the maximum valuation profit is 3~4 times.

Different industries, different product fields, and different objects of mutual reference.

For example, part of the valuation of Shirakawa Electric is based on Sony.

Because the business overlap of the two is the highest, and even the market share of some products is relatively close.

In the future, if Shirakawa Electric continues to grow, Sony may be a reflection of its reality.

Therefore, using Sony as a valuation reference object, Ichiro Watanabe and Takashi Yanagitani both approve of it in their hearts.

As for why it doesn't use Nintendo as a reference object, it's because it seems to have a lot of businesses, but in fact, they are all concentrated in the toy entertainment industry.

From the perspective of product diversification and the audience of consumers, its potential is not as large as that of Shirakawa Electric.

In addition, Nintendo still has a large amount of unpaid debt, and its market value is generally undervalued.

If it is used as a valuation reference object, it is too underestimated to underestimate Shirakawa Electric.

As for the many newly listed companies in later generations, the valuation of 10 times or 20 times is at every turn, which is another kind of work.

Especially for Internet companies, it is normal to rise 50 times.

Some social Internet companies will even calculate their market value based on the number of registered users, with tens of dollars per user.

Different industries, different fields, and the methods of valuing companies are also very different, and the process is complex and varied.

At present, Shirakawa Electric is valued at 580 billion yen, which is an acceptable value for both parties.

But now that the valuation has been negotiated, let's talk about financing.

"Shirakawa-san, according to the previous agreement. At this time, Daiichi Quanyin will buy a 10% stake in Shirakawa Electric at a price of 58.65 billion yen.

I don't think you have any objection to this, right? Ichiro Watanabe looked at Shirakawa Kaede with a meaningful look.

And hearing the other party's particularly emphasized tone, Shirakawa Kaede also raised his eyebrows.

This is not financing, this is the intention to directly spend money to buy 10% of the shares of Shirakawa Electric.

As for Ichiro Watanabe's proposal, Shirakawa Kaede and Arai Yu glanced at each other, after being confirmed.

Shirakawa Kaede also nodded in agreement, "Okay, just follow Watanabe-san's proposal." ”

What is the difference between a raised share and a bought share? First, the money spent on the silver is not the same.

If it is financing, the first bank needs to invest a sum of money into the total share capital of 580 billion, and then calculate the proportion of shares based on their sum.

At this time, if Dai-ichi Bank wants to take a 10% stake, then the investment amount is 65.17 billion yen.

In layman's terms, the financing money is calculated into the denominator of the total share capital, and then the proportion of shares is calculated.

But it's not the same to spend money directly to buy shares, 5865 * 10% = 58.65 billion yen, simple and rude.

is also to take 10% of the shares, but the difference between the two ways of capital contribution is about 7 billion.

So knowing that Sichuan Electric took less money, why did Shirakawa Kaede agree without much consideration?

Because of the financing of 65.17 billion yen, although it entered the account of Shirakawa Electric.

But that is already book funds, and at this time, the shareholders of Shirakawa Electric have also become Shirakawa Holdings and First Persuasion Bank.

In this way, the money financed will belong to the joint property of Shirakawa Holdings and Daiichi Quanyin.

At that time, it would be unrealistic for Shirakawa Kaede to want to deal with it casually, and if he accepted financing, he had to abide by the rules.

But if First Persuasion directly spends money to buy 10% of the shares, then the money belongs to the private property of Shirakawa Holdings.

This is a legitimate proceed from the sale of shares, and Shirakawa Kaede is completely free to dispose of it at will.

To put it bluntly, the 65.17 billion yen in financing, Shirakawa Kaede saw that he couldn't get it.

The 58.65 billion shares sold can all fall into his pocket alone.

That's why Shirakawa Kaede chose to sell the same 10% of the shares relatively cheaply.

The first persuasion silver spent less money to get a 10% stake in Shirakawa Electric, and Shirakawa Feng also received a considerable amount of income privately, so both parties were happy.

In the final analysis, Shirakawa Electric is not bad at cash flow and does not need to use financing to maintain the operation of the club.

If it is a newly started company, First Persuasion Bank would rather spend more money on financing than buy shares directly.

Because if you don't rely on the money from financing, how can startups stay afloat and continue to develop new technologies to gain more markets?

There are also a variety of financing methods for clubs with different operating conditions.

58.65 billion yen was in the pocket, and Shirakawa Kaede looked at Nomura Securities again.

Liu Gu Xiao lowered his head and discussed a few words with the people of his own team, and wisely chose to buy shares directly.

Nomura's goal here is to take at least 8% of Shirakawa Electric's shares, and Shirakawa Kaede agrees to their demands.

However, because the first bank has won 10% before, the current 8% of the shares will continue to be divided by Baichuan Holdings.

In this way, another 47 billion yen was recorded in the account, and 58.65 billion yen was included in the first bank, and the sum of the two was 105.5 billion yen.

Damn, the listing of the club is really the time to make a windfall.

With this financing before the listing alone, Shirakawa Kaede earned a higher income than Shirakawa Electric's profit last year.

105.5 billion yen, 420 million US dollars, making hemp ~

However, making money from the first persuasion bank and Nomura Securities, Shirakawa Kaede is not distressed at all.

These two proper behemoths, one is the core bank of one of the six major chaebols, and the other is the largest securities company in Japan.

A small amount of money of tens of billions of yen is a drizzle for them.

The first bank took 10%, Nomura Securities took 8%, and now Shirakawa Holdings still has 82% of the shares of Shirakawa Electric.

However, this is not the end of this financing, and Hokuto Bank, represented by Hiroshi Arai, once again invested 29.3 billion yen to acquire a 5% stake in Shirakawa Electric.

Why did Beidu Bank participate in the financing of Shirakawa Electric? Investment is one thing.

The most important thing is that Shirakawa Kaede wants Beidu Bank to participate in the stock market and truly exercise the bank's authority in finance.

Of course, the details are a later story, and at present, it only needs to become a shareholder of Shirakawa Electric.

And whether Shirakawa Kaede will accept this money from the Northern Metropolis Bank? Harvest! Of course!

Beidu Bank is not his own, and Shirakawa Holdings only has about 67% of the shares.

The money is not left to right, so of course he collects.

And don't look at the net assets of the Hokuto Bank, which is only more than 90 billion yuan, but its depositors have 400 billion or 500 billion yen.

So don't worry about its capital chain at all, it's a normal investment expenditure.

After completing the acquisition of Beidu Bank, today's financing valuation meeting can be regarded as completely achieving the goal.

In the end, Daiichi Quanyin won a 10% stake in Shirakawa Electric for 58.65 billion yen, and Nomura Securities won an 8% stake for 47 billion yen.

Hokuto Bank finally split about 5% of the shares for 29.3 billion yen, so Shirakawa Holdings still held 77% of Shirakawa Electric at this time.

In the end, the sale of these shares brought about 135 billion yen, or $540 million, to Shirakawa.

Well, five small goals, unit knife music.

When Shirakawa Kaede signed the last signature on the contract, he felt happy.

It is no wonder that so many companies also want to go public for financing, and to be honest, the wealth inflation brought by financing is much higher than the company's annual profits.

Even after a wave of money in the listing circle of many companies, just after the restricted period, the founders directly cashed out and ran away.

How can you make money quickly by playing finance, and whoever makes the product is stupid.

But now, Shirakawa Holdings has always held its controlling stake tightly.

Just kidding, Shirakawa Electric has just taken off, and the annual profit of nearly 100 billion yuan is a decoration?

"Okay, now that the contract has been signed, isn't it time to discuss the listing?"

As soon as he put down the pen in his hand, Ichiro Watanabe couldn't wait to start discussing the listing of Shirakawa Electric.

As for why it's in such a hurry? Nonsense.

The first persuasion bank smashed tens of billions of yen, isn't it for the listing of Shirakawa Electric?

If it's just an investment, then wait for Shirakawa Electric's profit dividends.

The first bank will definitely not invest more than 58 billion yuan, even if it is profitable in the long run.

Because the rate of return is too low, the cost recovery is too slow.

What First Quanyin really cares about is the appreciation of Shirakawa Electric after its listing, as well as the income from underwriting stocks.

This is the most expected return on this investment, and it is also the window period for the fastest recovery of input costs.

Watanabe-san was right. Let's talk about the listing process of the company, and Nomura is an absolute authority in this area. ”

Needless to say, Nomura also had the same idea, and after Takashi Yanagitani put the contract away, he immediately began to distribute his own listing operation plan.

Obviously, it has done more than the preparation of the first persuasion, and even has a plan.

Looking at the plan in his hand, Shirakawa Kaede sighed secretly.

These don't have bad money, they are generous, but they are too anxious.

But think about it, isn't it the case that everyone who plays finance? High risk, high reward.

Putting down the plan in his hand, Shirakawa Kaede looked at Ichiro Watanabe and Takashi Yanagitani.

"Do you have any suggestions for going public?"

This is their area of expertise, and Kaede Shirakawa doesn't mind hearing from them.

"First of all, Shirakawa-san plans to let Shirakawa Electric be listed on the first part of the Orient Stock Exchange, or will it be listed on the second section of the Orient Stock Exchange?"

"Of course, it is the listing of the first section of the Tokyo Stock Exchange."

Faced with Watanabe Ichiro's question, Shirakawa Kaede answered without hesitation.

The first section of the Orient Stock Exchange is the main board market of Neon, which represents the financing entity of the capital market, accounting for 96.4% of the market capitalization.

The second department of the Orient Stock Exchange was only established in 1960, similar to the small and medium-sized board of the Celestial Empire, and its service targets are medium-sized enterprises, accounting for only 1.14% of the market value.

At present, Neon's large enterprises, such as Panasonic, Sharp, Fujitsu, etc., are all listed on the first section of the Tokyo Stock Exchange.

As an ambitious entrepreneur, Shirakawa Kaede of course wants to go to the first section of the Tokyo Stock Exchange to be listed, which is the stage for large enterprises.

However, as a main board market, there are requirements for listing here.

So with the current volume of Shirakawa Electric, is it enough to meet the listing requirements of the first section of the Tokyo Stock Exchange?

(End of chapter)