Japan share offer to raise $2.3bn
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TOKYO, Japan (Reuters) -- Shinsei Bank, the first Japanese bank owned by overseas investors, says it will raise up to $2.36 billion in Japan's biggest initial public offering (IPO) since July 2003.
Shinsei will become the first Japanese bank to be nationalised, sold off to a private buyer and then floated on the market -- setting an example for other banks and distressed companies that are increasingly attracting foreign interest.
Reflecting strong demand for the stock, Shinsei Monday priced the shares at 525 yen, the top of a 450-525 yen range set last month.
Shinsei is offering up to 35 percent of its 1.36 billion outstanding common shares -- 440 million existing shares and 36.3 million additional shares earmarked under a greenshoe option.
The shares will begin trading on February 19.
Shinsei became Japan's first overseas-owned bank in 2000 when failed Long-Term Credit Bank of Japan was bought by a consortium led by U.S. investment fund Ripplewood Holdings and relaunched.
Shinsei's IPO would be worth more than double the 121 billion yen ($1.14 billion) that the Ripplewood consortium paid for LTCB.
Copyright 2004
Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
