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Seibu prices IPO at low end of range

Price is set at 1,600 yen a share, valuing the company at 547.4b yen

Staying power: Operating income at Seibu's domestic hotel business jumped 49 per cent to 6.7 billion yen in the nine months to Dec 31, while the transportation division's profit on that basis rose 1.6 per cent to 18.7 billion yen. - PHOTO: BLOOMBERG

[TOKYO] Seibu Holdings, operator of Japan's biggest hotel chain, priced a 44.5 billion yen (S$547.8 million) initial public offering at the bottom of its planned range after two IPOs flopped last month. The price was set at 1,600 yen a share, according to a filing yesterday. The deal values the