Shinsei Bank, the successor to the provisionally nationalized Long-Term Credit Bank of Japan, said Friday it will list its shares on the Tokyo Stock Exchange on Feb. 19.
The listing will mark the bank's effective return to the prestigious bourse. LTCB was a member of the bourse's first section until October 1998, when it went belly up under the weight of bad loans.
Shinsei Bank, whose application to list on the bourse was approved by the TSE on Friday, is widely expected to debut on the first section.
On the day of the listing, an international investment consortium led by U.S. investment fund Ripplewood Holdings LLC, which owns 100 percent of the bank, will sell 32 percent of the bank's 1,358 million outstanding common shares on the bourse to general investors, the bank said.
Subscriptions will be accepted between Feb. 10 and 13, with the share price set to be determined Feb. 9, the bank said.
A market source said the price is expected to be around 435 yen per share, which would net the bank 200 billion yen.
LTCB, which was nationalized in October 1998, was purchased in March 2000 by the consortium, having spent more than a year under state administration.
The government injected well over 5 trillion yen in public funds into the bank, including 3.6 trillion yen to cover losses stemming from depreciated loan collateral, under an acquisition accord between the government and Ripplewood.