Tokyo Metro's IPO Price Set at 1,200 Yen

Tokyo, Oct. 16 (Jiji Press)--Tokyo Metro Co. said Tuesday that it will sell shares at 1,200 yen apiece for a total of 348.6 billion yen in line with its plans to go public on the Tokyo Stock Exchange's top-tier Prime section on Oct. 23.

The Japanese subway operator will have a market capitalization of 697.2 billion yen at the time of stock listing, the largest initial public offering in the country since the 2018 debut of SoftBank Corp. stock.

Tokyo Metro's IPO price was set at the upper limit of the preliminary range amid strong demand among institutional investors.

The company is currently owned by the central and Tokyo metropolitan governments. The IPO will reduce the central government's stake to 26.71 pct and the stake of the metropolitan government will decline to 23.29 pct.

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