Refile: UPDATE 1-Tokyo Metro set to raise $2.3 bln in Japan's biggest IPO in 6 years, sources say
15/10/2024 01:37
(Corrects to restore dropped number in headline)
By Miho Uranaka and Sam Nussey
TOKYO, Oct 15 (Reuters) - Tokyo Metro 9023.T is
expected to raise 348.6 billion yen ($2.3 billion) after pricing
its initial public offering at the top end of its range,
according to two sources familiar with the matter, in the
largest IPO in Japan for six years.
The company has priced the shares at 1,200 yen apiece,
compared to a range of 1,100 to 1,200 yen, said the sources, who
declined to be named as the information is not public.
Tokyo Metro declined to comment.
One of Tokyo's two major subway operators, the company is
set to announce the pricing later on Tuesday and list on the
Tokyo Stock Exchange on Oct. 23.
The price gives Tokyo Metro a dividend yield of 3.3% based
on its forecast dividend of 40 yen per share for the financial
year ending March 2025.
"That stands out compared to other private and JR railways,"
said Kazumi Tanaka, an analyst at DZH Financial Research.
"In addition to the stability of the railway business, we
can expect growth from increased inbound traffic," he added.
The central government, which owns 53.4% of Tokyo Metro, and
the Tokyo government, which holds the remaining 46.6%, are
selling half of their shares in the IPO.
($1 = 149.7900 yen)
(Reporting by Miho Uranaka, Sam Nussey and Mariko Katsumura;
Editing by Muralikumar Anantharaman and Shri Navaratnam)
((Mariko.Katsumura@thomsonreuters.com;))