Japan and Tokyo Governments Aim for $4.7 Billion Valuation in Tokyo Metro IPO

• Japan's national and Tokyo governments are targeting a 700 billion yen ($4.7 billion) valuation for Tokyo Metro's IPO, expected as early as October-end.
• The governments, owning 100% of Tokyo Metro, plan to brief brokerages within a week and seek Tokyo Stock Exchange approval by mid-September.
• The IPO could raise 350 billion yen, surpassing Kokusai Electric's IPO last year and becoming the largest since SoftBank Group's wireless unit listing in 2018.
• Tokyo Metro, with a history dating back to 1920, runs 195 kilometers of lines and reported a net profit of 46 billion yen in the financial year ended March 2024.
• Funds raised will help repay reconstruction bonds from the 2011 earthquake and tsunami, with Nomura, Mizuho, and Goldman Sachs as joint global coordinators.

Source: Reuters