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(BFM Bourse) – Tokyo Metro Co, one of the two operators of the metro network in the Japanese capital, announced the details of this IPO, with a range that values the company between 3.9 billion and 4.3 billion euros.
A big operation on the Tokyo Stock Exchange is on track. A company managing the Japanese capital’s metro system unveiled this Monday the details of its listing on the Tokyo coast on October 23, which should be the largest in Japan since that of technology giant Softbank six years ago.
Tokyo Metro Co, one of the two operators of the subway network in the Japanese capital, published in a press release a provisional price range for its IPO, ranging from 1,100 to 1,200 yen per share (from 6.77 to 7.38 euros).
Such a level would value the company between approximately 639 billion and 697 billion yen (between 3.9 and 4.3 billion euros) according to Bloomberg calculations, with Tokyo Metro hoping to raise up to the equivalent of 2.2 billion euros on the market.
The biggest introduction since Softbank
Enough to make it the largest IPO in Tokyo since that of Softbank Corp, the mobile telecommunications subsidiary of the Japanese technology investment giant Softbank: in 2018 it raised the equivalent of $23.5 billion in 2018, an unprecedented amount on the Japanese markets.
The listing of Tokyo Metro comes at a time when the Tokyo Stock Exchange, after having stumbled heavily this summer, is clearly strengthening, encouraged by the weakening of the yen which favors exporting companies and whets the appetite of foreign investors.
Established in 2004, Tokyo Metro Corp. operates nine metro lines in one of the most densely populated urban areas in the world, a network 195 km long in total carrying some 6.52 million passengers per day according to the operator.
Its capital is currently 53.4% owned by the Japanese national government and 46.6% by the Tokyo metropolitan authorities.
(With AFP)
JM – ©2024 BFM Bourse
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