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Japan Post US$11b triple IPO expected on Nov 4: sources
[TOKYO] Japan Post Holdings Co is expected to list shares in its holding company and bank and insurance units on Nov 4, several people close to the deal said on Friday, in Japan's biggest sale of state-owned enterprises in nearly three decades.
The government aims to sell at least 1.3 trillion yen (S$15.4 billion) worth of shares, the sources said, in the first tranche of a three-part sale aiming to raise around 4 trillion yen in coming years to fund reconstruction from the 2011 earthquake and tsunami disaster.
A Japan Post spokesman declined to comment.
The giant firm, which runs the nation's mail-delivery service, applied to the Tokyo Stock Exchange in June to list the parent as well as Japan Post Bank Co and Japan Post Insurance Co. Approval from the bourse is expected on Sept 10, said the sources, who asked not to be named as the information is not public.
The first round of share sales would be Japan's biggest privatisation since the 2.4 trillion yen listing of Nippon Telegraph and Telephone Corp in 1987.