Tokyo Metro’s IPO raised US$2.3 billion in Japan’s biggest listing in six years
The IPO is Japan’s biggest since SoftBank’s US$21 billion listing in December 2018
TOKYO Metro’s initial public offering has raised US$2.3 billion after the company priced shares at the top of the marketed range, people familiar with the matter said, in a show of hot demand for Japan’s biggest listing in six years.
The subway operator priced the shares at 1,200 yen (S$10.48) apiece, the people said, asking not to be identified to discuss private information. The shares were marketed at a range of 1,100 yen to 1,200 yen each. The company expects to list shares in Tokyo on Oct 23.
A representative for Tokyo Metro declined to comment.
The IPO is Japan’s biggest since SoftBank’s US$21 billion listing in December 2018, according to data compiled by Bloomberg. IPOs in Japan have raised US$1.6 billion this year, and Tokyo Metro’s listing, combined with other deals, could lift that figure closer to the US$4.4 billion raised in all of 2023.
The deal has drawn significant attention from global investors, with long-only funds having covered the IPO’s entire international order book, Bloomberg News reported last week. The IPO’s domestic portion, which makes up 80 per cent of the deal, has also been covered, people familiar with the matter said.
Tokyo Metro, which was established in 2004, operates nine train lines and carries on average about 6.52 million passengers per day. Japan’s government owns 53.42 per cent of the company while the Tokyo Metropolitan government owns the remaining 46.58 per cent. Their combined shareholding will halve following the offering.
Nomura Holdings, Mizuho Financial Group and Goldman Sachs Group are joint global coordinators for Tokyo Metro’s IPO. BLOOMBERG
Share with us your feedback on BT's products and services
