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 ¥1,100 to ¥1,200 is similar to the previously indicated indicative price of ¥1,100 per share and values the metro company between ¥639.1 billion ($4.3 billion) and ¥697.2 billion.
The company, one of two metro companies based in the Japanese capital, is seeking to raise at least ¥319.6 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 ¥348.6 billion.
