Seibu prices IPO at low end of range
Price is set at 1,600 yen a share, valuing the company at 547.4b yen
[TOKYO] Seibu Holdings, operator of Japan's biggest hotel chain, priced a 44.5 billion yen (S$547.8 million) initial public offering at the bottom of its planned range after two IPOs flopped last month.
The price was set at 1,600 yen a share, according to a filing yesterday. The deal values the company at 547.4 billion yen, about 33 times projected profit for the year ended March.
Seibu, which had disagreements with its biggest shareholder Cerberus Capital Management, sold the shares at 30 per cent less than an indicative price announced last month.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Far East Shopping Centre gets offer of under S$900 million for collective sale, below guide price
China’s property support measures disappoint, developers’ shares falter
Suburban malls need to watch out for ageing population, lure of shopping across the Causeway
Asking prices for UK homes hit record high
Australia casino operator Star says suitors circling as Hard Rock reportedly makes offer
China’s housing rescue is too small to end crisis, analysts say