Japan's Tokyo Metro IPO set to be country's biggest in years
Japan's national and Tokyo governments are seeking a $4.7 billion valuation for Tokyo Metro as they prepare to list the subway operator as early as October-end, three sources said, in what would be the nation's biggest IPO in roughly six years. - REUTERS
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00:00Japan is seeking a $4.7 billion valuation for Tokyo Metro in what will be the country's
00:07biggest listing in six years.
00:09That's according to three sources who spoke to Reuters that say it could happen by the
00:14end of October.
00:15Tokyo Metro is the larger of the city's two subway operators and a major piece of
00:20its vast rail network.
00:22Its history stretches back over a century.
00:25It opened Japan's first subway line in 1927 between Ueno and Asakusa, now a popular tourist
00:32spot.
00:33The national government and the city jointly own 100% of the operator.
00:37A source said they plan to arrange a meeting of brokerages within a week for a briefing
00:41on the IPO, and the government's expect to receive approval for the listing as soon as
00:46mid-September.
00:47With half the company to be sold, the valuation could raise nearly $2.4 billion, becoming
00:53the largest IPO in Japan since SoftBank listed its wireless unit in 2018.
00:59The central government plans to use the funds raised from selling its half to repay reconstruction
01:04bonds issued following the 2011 earthquake and tsunami.
01:08In response to a request for comment, Tokyo's government said the timing of the sale is
01:13under discussion and is not decided, while Tokyo Metro said it would not comment on the
01:18progress of the listing.