Tokyo Metro has announced a provisional price range for its initial public offering (IPO), which is projected to be Japan’s biggest in six years.
The price range of ¥1,100 to ¥1,200 compares with its indicative price of ¥1,100 per share declared earlier and values the subway operator at between ¥639.1 billion ($4.3 billion) and ¥697.2 billion.
The company, one of two subway operators based in Japan’s capital, is seeking to raise at least ¥319.6 billion at a time when the nation’s equity market is showing signs of recovery. The deal would be the biggest since SoftBank’s $21 billion listing in December 2018, and could raise as much as ¥348.6 billion.
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