TIER IV completed its ¥23.2 billion ($142.9 million) initial public offering of common stock. The offering was the second completed Japanese IPO to use “S-1 style” registration procedures in Japan, which are modeled on the Securities Act of 1933, since their introduction in 2024.
TIER IV is a growing autonomous driving company focused on the development and application of autonomous driving solutions based on the open-source software Autoware.
S&C represented the international managers in the international offering, led by Morgan Stanley & Co. International and SMBC Bank International.
The S&C team included Keiji Hatano, Nirav Mehta and Eric Ressler. Jeff Hochberg, Saul Brander and Colin Casey advised on U.S. tax matters. Sizhuang Miao advised on ERISA matters. Tracey Russell advised on U.S. blue sky matters. Vanessa Blackmore and Kseniia Samokhina advised on UK and EU law-related matters.