The Tokyo Metro IPO was a huge success! Raised US$2.3 billion, making Japan's largest listing in six years

The Zhitong Finance App learned that the initial public offering (IPO) of Tokyo Metro Co., Ltd. (Tokyo Metro Co.) successfully raised 348.6 billion yen (about 2.3 billion US dollars), and the price of the company's shares reached the highest point in the market pricing range, that is, 1,200 yen per share. This price range is 1,100 to 1,200 yen per share. The oversubscription for this IPO shows the huge demand for this Japanese company in the market. This is also the largest listing event in Japan in six years. Tokyo Metro's stock is expected to be listed on the Tokyo Stock Exchange on October 23.

According to data, the Tokyo Metro IPO is the largest IPO in Japan since SoftBank Group raised $21 billion in December 2018. Japan's IPOs raised a total of 1.6 billion US dollars this year, and with the Tokyo Metro listing, this figure is close to the 4.4 billion US dollars raised for the whole of 2023.

This IPO has aroused great interest from investors around the world, and international orders have been fully covered by multiple funds. The domestic portion of Japan, which accounts for 80% of transactions, has also been sold out. Since its establishment in 2004, the Tokyo Metro has operated 9 train lines, carrying an average of about 6.52 million passengers every day. The Japanese government and the Tokyo Metropolitan Government hold 53.42% and 46.58% of the company's shares, respectively. After the IPO, the combined shareholding ratio of these two government entities will be halved.

Nomura Holdings, Mizuho Financial Group, and Goldman Sachs Group are the joint global coordinators of the Tokyo Metro IPO. Tokyo Metro representatives declined to comment on the specific details of the IPO.