Japan's national and Tokyo governments aim for a 700 billion yen valuation for Tokyo Metro's IPO by late October, the largest in nearly six years, sources say.
Japan 's national and Tokyo governments are seeking a 700 billion yen valuation for Tokyo Metro as they prepare to list the subway operator as early as October-end, three sources said, in what would be the nation's biggest IPO in roughly six years.
The two governments, which own 100% of Tokyo Metro, plan to arrange a meeting of brokerages within a week for a briefing on the IPO and expect to receive approval for the listing from the Tokyo Stock Exchange as soon as mid-September, the sources said. With half the company to be sold, the initial public offering could raise 350 billion yen at that valuation, which would exceed the size ofThe Tokyo government said the timing of the sale is being discussed with the national government and is not decided. The finance ministry did not respond to requests for comment. Tokyo Metro said it would not comment on progress on the listing.Tokyo Metro's history dates back to 1920 with the establishment of the Tokyo Underground Railway Company.
The company, whose business includes real estate and retail, reported net profit jumped by two-thirds to 46 billion yen in the financial year ended March 2024 as economic activity rebounded from the COVID-19 pandemic. The central government, which owns 53.4% of Tokyo Metro, plans to use the funds raised to repay reconstruction bonds issued following the 2011 earthquake and tsunami. The Tokyo government holds the remaining 46.6% of the subway operator.
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