Tokyo Metro set to raise $2.3 bln in Japan's biggest IPO in 6 years, sources say
Adds details of investor demand in paragraphs two, four and five
By Miho Uranaka and Sam Nussey
TOKYO, Oct 15 (Reuters) -Tokyo Metro 9023.T is expected to raise 348.6 billion yen ($2.3 billion) after pricing its initial public offering at the top end of its range, according to two sources familiar with the matter, in the largest IPO in Japan for six years.
The IPO was more than 15 times oversubscribed, said the sources, with the firm's dividend yield seen as an attractive proposition by many including retail investors drawn to a household name.
The company has priced the shares at 1,200 yen apiece, compared with a range of 1,100 to 1,200 yen, according to the sources, who declined to be named as the information is not public.
The portion available to retail investors, accounting for almost four-fifths of the total, was around 10 times oversubscribed, the sources said.
The shares available to domestic and foreign institutional investors, accounting for 1.5% and 20% respectively, were more than 20 and 30 times oversubscribed, the sources said.
Tokyo Metro declined to comment.
One of Tokyo's two major subway operators, the company is set to announce the pricing later on Tuesday and list on the Tokyo Stock Exchange on Oct. 23.
The price gives Tokyo Metro a dividend yield of 3.3% based on its forecast dividend of 40 yen per share for the financial year ending March 2025.
"That stands out compared to other private and JR railways," said Kazumi Tanaka, an analyst at DZH Financial Research.
"In addition to the stability of the railway business, we can expect growth from increased inbound traffic," he added.
The central government, which owns 53.4% of Tokyo Metro, and the Tokyo government, which holds the remaining 46.6%, are selling half of their shares in the IPO.
Tokyo Metro, the largest Japan IPO since SoftBank Group 9984.T listed its telecoms unit in late 2018, is joined by Rigaku, a Carlyle Group-backed maker of X-ray testing tools, which is also planning an IPO in October.
Bain Capital has scrapped a plan for an IPO of chipmaker Kioxia this month after investors pushed for a lower valuation than the buyout firm was targeting, Reuters has reported.
($1 = 149.7900 yen)
Reporting by Miho Uranaka, Sam Nussey and Mariko Katsumura; Editing by Muralikumar Anantharaman and Shri Navaratnam
Aset Berkaitan
Berita Terkini
Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
