Davis Polk & Wardwell, Simpson Thacher & Bartlett, Anderson Mori & Tomotsune and Nagashima Ohno & Tsunematsu are leading on Tokyo Metro’s plan to go public in a JPY319.6 billion (USD2.24 billion) IPO.
Tokyo Metro, which is scheduled to list on the prime market of the Tokyo Stock Exchange on 23 October, received its initial public offering application approval from the bourse on 20 September.
The subway operator said in company filings with the Financial Services Agency (FSA) on 20 September that it planned to launch a global offering of 290.5 million shares at a tentative price of JPY1,100 apiece, with the final price scheduled to be set on 15 October.
Currently, Japan’s Ministry of Finance owns a 53.42% stake in the subway operator, with the Tokyo Metropolitan Government holding 46.58% interest, a preliminary offering circular with the FSA dated 20 September shows.
Nagashima Ohno and Simpson Thacher are counselling Tokyo Metro, while Anderson Mori and Davis Polk are acting as legal advisers to international managers, including Merrill Lynch International, JP Morgan Securities and Daiwa Capital Markets Europe.
Tokyo partner Hironori Shibata is leading the Anderson Mori team.
Reuters on 20 September that the subway operator’s aim to raise close to JPY320 billion in its maiden public float would make its IPO the largest in Japan in six years.
