Japan Post to raise 693b yen in IPO priced at top of range

Tokyo

JAPAN Post Holdings Co set the price for its initial public offering of shares at the top of an indicative range, following the pattern set in concurrent IPOs for its banking and insurance arms and reflecting strong demand from retail investors in Japan's biggest privatisation in three decades.

In a regulatory filing on Monday, the holding firm for the state-owned mail and financial giant priced shares at 1,400 yen apiece in the IPO, the top of a book-building range set at 1,100-1,400 yen, raising 693 billion yen (S$8 billion).