Tokyo Metro IPO Price Range

Tokyo Metro has set a price range for its initial public offering (IPO) at 1,100 to 1,200 yen per share, according to a regulatory filing on Monday.

At the maximum price, Tokyo Metro is expected to raise 349 billion yen ($2.35 billion), marking the largest IPO in Japan in six years. The final IPO price will be determined on October 15, ahead of its listing on the Tokyo Stock Exchange on October 23.

In related news, Rigaku, a maker of X-ray testing tools backed by Carlyle Group, is also planning to list this month. Conversely, Kioxia, a Bain Capital-backed chipmaker, has canceled its IPO plans.

Japan’s stock market faced a major downturn in early August due to a surprise interest rate hike and concerns over a U.S. recession, but it has since recovered, with the benchmark index up about 18% this year.

Tokyo Metro’s origins trace back to 1920, when it was established as the Tokyo Underground Railway Company. In 1927, it inaugurated Japan’s first subway line, connecting the Asakusa and Ueno districts of Tokyo.

Exchange Rate Note: ($1 = 148.4200 yen)