Tokyo Metro has announced a preliminary price range for its initial public offering (IPO), which is expected to be Japan’s largest in six years.
The price range of ยฅ1,100 to ยฅ1,200 is similar to the previously indicated indicative price of ยฅ1,100 per share and values โโthe metro company between ยฅ639.1 billion ($4.3 billion) and ยฅ697.2 billion.
The company, one of two metro companies based in the Japanese capital, is seeking to raise at least ยฅ319.6 billion at a time when the country’s stock market is showing signs of recovery. The deal would be the largest since SoftBank’s $21 billion listing in December 2018, and could raise as much as ยฅ348.6 billion.