Tokyo/Hong Kong –
Japan’s metropolis of Tokyo and Rigaku began procedures on Friday to jointly launch $3.13 billion in initial public offerings (IPOs) next month, term sheets showed, as local capital markets emerge as a global hotspot for investors.
Tokyo Metro is aiming to raise $2.25 billion, making it Japan’s largest IPO in six years, while Rigaku, the Carlyle Group-backed maker of X-ray testing instruments, is targeting an IPO worth up to $888 million, term sheets showed.
If the two deals raise the targeted amount, the value of IPOs launched in Japan so far will more than double by 2024, data from LSEG showed.
