Dai-ichi Life prepares to issue US$11.7b IPO
By Junko Fujita |
February 23, 2010, Tuesday
|
Print Edition
Print Edition
DAI-ICHI Mutual Life Insurance, Japan's second-largest life insurer, said it would sell about 1.07 trillion yen (US$11.7 billion) of shares in Japan's biggest initial public offering in more than a decade.
Dai-ichi Life, which is planning to list on the Tokyo Stock Exchange on April 1, said it would sell more than 7 million shares at a tentative price of 150,000 yen each. The final price will be set after sounding out investors.
At that price Dai-ichi is set to be Japan's largest initial public offering since mobile phone company NTT DoCoMo went public in late 1998 after selling 2.1 trillion yen worth of shares.
It would give Dai-ichi a market value of 1.5 trillion yen, more than the 673 billion yen value of rival insurer T&D Holdings.
Dai-ichi Life said it would sell 691.4 billion yen worth of the shares in Japan.
Nomura Holdings Inc, Mizuho Securities and Bank of America-Merrill Lynch will arrange the initial public offering, which will be open to investors in Japan and overseas, Dai-ichi said.
Dai-ichi Life, which is planning to list on the Tokyo Stock Exchange on April 1, said it would sell more than 7 million shares at a tentative price of 150,000 yen each. The final price will be set after sounding out investors.
At that price Dai-ichi is set to be Japan's largest initial public offering since mobile phone company NTT DoCoMo went public in late 1998 after selling 2.1 trillion yen worth of shares.
It would give Dai-ichi a market value of 1.5 trillion yen, more than the 673 billion yen value of rival insurer T&D Holdings.
Dai-ichi Life said it would sell 691.4 billion yen worth of the shares in Japan.
Nomura Holdings Inc, Mizuho Securities and Bank of America-Merrill Lynch will arrange the initial public offering, which will be open to investors in Japan and overseas, Dai-ichi said.
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