Tokyo Metro Looks to Raise Up to $2.4 Bln in Largest Japan IPO Since 2018
16:25 JST, October 7, 2024
TOKYO, Oct 7 (Reuters) – Tokyo Metro has set a price range for an initial public at 1,100 to 1,200 yen per share, against an initial estimate of 1,100 yen, a regulatory filing showed on Monday.
At the top of the range, Tokyo Metro, one of two subway operators in Japan’s capital, would raise 349 billion yen ($2.35 billion) in the largest IPO in Japan for six years.
The final IPO price for the subway operator, which is owned by the Tokyo and national governments, will be decided on Oct. 15 before a Tokyo Stock Exchange listing on Oct. 23.
Elsewhere in Japanese IPOs, Rigaku, a maker of X-ray testing tools backed by buyout firm Carlyle Group CG.O, plans to list this month.
Bain Capital-backed chipmaker Kioxia has scrapped its plan for an IPO in October, Reuters reported last month.
Japan’s stock market suffered a historic rout in early August, sparked by a surprise interest rate hike and fear of a U.S. recession, before regaining ground. The benchmark index .N225 is up around 18% so far this year.
Tokyo Metro’s history dates back to 1920 with the establishment of the Tokyo Underground Railway Company.
Seven years later, it opened Japan’s first subway line, between the Asakusa and Ueno districts of Tokyo.
"Business" POPULAR ARTICLE
-
Japan’s Newly Harvested Rice Arrives on Store Shelves; Prices Soar 30%-50% Following Shortage
-
Spa Resort Hawaiians Gets Offer from U.S. Fund
-
JR Freight Rail Yards Inspected over Data Fraud
-
JR East Employee in His 70s Earns Doctorate on Safe Train Operations; Believes Accidents Caused by Human Error Can Be Reduced
-
JR East Eyes Freight-Only Cars for Shinkasen Trains as Japan Logistics Industry Suffers from Labor Shortage
JN ACCESS RANKING
- Philippines Steps Up Defense of Northernmost Province with Eye on Possible Contingency Involving Taiwan
- Harris Widens Lead over Trump to 47%-40%, Reuters/Ipsos Poll Finds
- Typhoon Bebinca Could Approach Southern Japan In Days; Heavy Storms Expected from Saturday (Update 1)
- Japan-S. Korea Exchange Festival Held in Seoul
- Mooncake Sales in China Frosty Ahead of Fall Holidays, as Sluggish Economy and Govt Rules Take Their Toll