Japan Post sets IPO prices at top of their ranges

Tokyo

STATE-owned Japan Post on Monday set prices for separate initial public offerings (IPOs) of its bank and insurance arms at the top of their ranges, indicating strong demand from retail investors in what will be Japan's biggest privatisation in three decades.

The two companies, worth a combined US$65 billion at the listing prices, and their parent Japan Post Holdings Co are seeking to raise a combined 1.4 trillion yen (S$16.2 billion) in a triple IPO set for Nov 4. Book-building for the Japan Post Holdings sale continues, with pricing due on Oct 26.