Japan Display sets IPO price at bottom of guidance

[TOKYO] Japan Display Inc, the world's biggest maker of screens for tablets and smartphones, set the price of its stock listing at the bottom of its guidance range after foreign investors gave the offering a cool reception.

Japan Display is tapping one of Asia's best-performing stock markets this past year to raise money for capital investment while a government-backed fund cashes out part of its investment. The company priced the offering at 900 yen per share, which puts the offering's total value at 318.5 billion yen (S$3.91 billion).

The company also cut the portion of the offering for overseas investors to 37.5 per cent from 45 per cent, with bankers noting concerns about its heavy dependence on Apple Inc's iPhones and iPads, which make up 30 per cent of its business, and declining screen prices.