Tokyo Metro set to raise $2.3 bln in Japan's biggest IPO in 6 years, sources say
Adds details of investor demand in paragraphs two, four and five
By Miho Uranaka and Sam Nussey
TOKYO, Oct 15 (Reuters) -Tokyo Metro 9023.T is expected to raise 348.6 billion yen ($2.3 billion) after pricing its initial public offering at the top end of its range, according to two sources familiar with the matter, in the largest IPO in Japan for six years.
The IPO was more than 15 times oversubscribed, said the sources, with the firm's dividend yield seen as an attractive proposition by many including retail investors drawn to a household name.
The company has priced the shares at 1,200 yen apiece, compared with a range of 1,100 to 1,200 yen, according to the sources, who declined to be named as the information is not public.
The portion available to retail investors, accounting for almost four-fifths of the total, was around 10 times oversubscribed, the sources said.
The shares available to domestic and foreign institutional investors, accounting for 1.5% and 20% respectively, were more than 20 and 30 times oversubscribed, the sources said.
Tokyo Metro declined to comment.
One of Tokyo's two major subway operators, the company is set to announce the pricing later on Tuesday and list on the Tokyo Stock Exchange on Oct. 23.
The price gives Tokyo Metro a dividend yield of 3.3% based on its forecast dividend of 40 yen per share for the financial year ending March 2025.
"That stands out compared to other private and JR railways," said Kazumi Tanaka, an analyst at DZH Financial Research.
"In addition to the stability of the railway business, we can expect growth from increased inbound traffic," he added.
The central government, which owns 53.4% of Tokyo Metro, and the Tokyo government, which holds the remaining 46.6%, are selling half of their shares in the IPO.
Tokyo Metro, the largest Japan IPO since SoftBank Group 9984.T listed its telecoms unit in late 2018, is joined by Rigaku, a Carlyle Group-backed maker of X-ray testing tools, which is also planning an IPO in October.
Bain Capital has scrapped a plan for an IPO of chipmaker Kioxia this month after investors pushed for a lower valuation than the buyout firm was targeting, Reuters has reported.
($1 = 149.7900 yen)
Reporting by Miho Uranaka, Sam Nussey and Mariko Katsumura; Editing by Muralikumar Anantharaman and Shri Navaratnam
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
