The Tokyo Metro logo is pictured at the Ministry of Finance in Tokyo, Japan, on August 15.
16:25 JST, October 7, 2024
TOKYO, Oct 7 (Reuters) – Tokyo Metro has set an initial public offering price range at 1,100 to 1,200 yen per share, down from an initial estimate of 1,100 yen, a regulatory filing showed on Monday.
At the top of the range, Tokyo Metro, one of two subway companies in the Japanese capital, would raise 349 billion yen ($2.35 billion) in Japan’s biggest initial public offering in six years.
The final IPO price for the subway company, which is owned by Tokyo and national governments, will be set on October 15, followed by a listing on the Tokyo Stock Exchange on October 23.
Elsewhere in Japan’s IPO market, Rigaku, a maker of X-ray testing tools backed by buyout firm Carlyle Group CG.O, plans to list this month.
Bain Capital-backed chipmaker Kioxia has scrapped its plan for an October initial public offering, Reuters reported last month.
The Japanese stock market suffered a historic rout in early August, fueled by a surprise rate hike and US recession fears, before regaining ground. The benchmark index .N225 is up about 18% so far this year.
The history of Tokyo Metro dates back to 1920 with the founding of the Tokyo Underground Railway Company.
Seven years later, it opened Japan’s first subway line, between Tokyo’s Asakusa and Ueno districts.
