7 october 2024 : Tokyo Metro has announced a price range of 1,100 to 1,200 yen per share for its initial public offering (IPO), according to a regulatory filing released on Monday. This marks a slight increase from the initial estimate of 1,100 yen. If the shares are priced at the upper end of this range, the subway operator—one of only two in Japan’s capital—would raise approximately 349 billion yen ($2.35 billion), making it the largest IPO in Japan in six years.
The final IPO price for Tokyo Metro, which is jointly owned by the Tokyo and national governments, will be determined on October 15, ahead of its listing on the Tokyo Stock Exchange scheduled for October 23.
In other news regarding Japanese IPOs, Rigaku, a company that manufactures X-ray testing equipment and is supported by the Carlyle Group, plans to go public this month. Meanwhile, Kioxia, a chipmaker backed by Bain Capital, has reportedly canceled its IPO plans for October, according to Reuters.
Tokyo Metro has a long history, originating in 1920 with the founding of the Tokyo Underground Railway Company, and opened Japan’s first subway line seven years later, connecting the Asakusa and Ueno districts of Tokyo.