In a regulatory filing on Monday, Tokyo Metro has priced its upcoming initial public offering at 1,100 to 1,200 yen per share, surpassing the initial estimate of 1,100 yen. If priced at the top end of the range, the Japanese capital’s subway operator would secure 349 billion yen ($2.35 billion), marking the country’s largest IPO in six years.
The final IPO price for Tokyo Metro, controlled by both the Tokyo and national governments, is slated to be determined on October 15, with a listing on the Tokyo Stock Exchange scheduled for October 23.
The roots of Tokyo Metro trace back to 1920, stemming from the inception of the Tokyo Underground Railway Company. Seven years later, in a pioneering move, it inaugurated Japan’s inaugural subway line, connecting the Asakusa and Ueno districts in Tokyo.
In other developments within the Japanese IPO landscape, Rigaku, a manufacturer of X-ray testing equipment supported by private equity firm Carlyle Group, is preparing for a listing this month. Conversely, Kioxia, a chipmaker backed by Bain Capital, has shelved its October IPO plans as reported by Reuters last month.
Amid market volatility, triggered by an unexpected interest rate hike and fears of a U.S. recession, the Japanese stock market faced a significant downturn in early August before recovering. The benchmark index has shown an approximately 18% increase year-to-date.
