Tokyo Metro has announced a provisional price range for its initial public offering (IPO), which is projected to be Japan¡¯s biggest in six years.
The price range of ?1,100 to ?1,200 compares with its indicative price of ?1,100 per share declared earlier and values the subway operator at between ?639.1 billion ($4.3 billion) and ?697.2 billion.
The company, one of two subway operators based in Japan¡¯s capital, is seeking to raise at least ?319.6 billion at a time when the nation¡¯s equity market is showing signs of recovery. The deal would be the biggest since SoftBank¡¯s $21 billion listing in December 2018, and could raise as much as ?348.6 billion.
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