Japanese medical devices maker PHC stock drops in market debut

PHC Holdings

14/10/2021 01:23

TOKYO, Oct 14 (Reuters) - Shares of Japanese medical devices
maker PHC Holdings Corp  6523.T , formerly Panasonic Healthcare,
dropped more than 10% from their initial public offering price
in their Tokyo stock market debut on Thursday morning.
    PHC had priced its initial public offering at 3,250 yen per
share, at the bottom of an indicative range of 3,250-3,500 yen,
valuing the company at 399.67 billion yen ($3.5 billion).
    The stock traded at 2,805 yen. 
    PHC, with a global workforce of over 9,600, reported revenue
of $2.8 billion in the year ended in March.
    U.S. private equity firm KKR & Co  KKR.N  bought the former
Panasonic Corp  6752.T  healthcare unit in a $1.67 billion
carve-out deal in 2014, when the Japanese electronics
conglomerate overhauled its business.

($1 = 113.4600 yen)

 (Reporting by Makiko Yamazaki; Editing by Cynthia Osterman)
 ((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))