The first tranche of the triple IPO by Japan Post Holdings and its two financial units, Japan’s biggest sale of state-owned assets in almost three decades, is expected to raise up to 1.7 trillion yen ($14 billion), DealWatch reported.
The government aims to raise 600-800 billion yen from the Japan Post Holdings Co offering, 500-700 billion yen from that of Japan Post Bank and 130-160 billion yen from Japan Post Insurance, said DealWatch, a Thomson Reuters publication, citing people familiar with the matter.
A spokesman for Japan Post Holdings declined to comment.
DealWatch said the IPO price for the bank and insurance units would be decided on Oct. 19 and that for the holdings company on Oct. 26. The domestic portion of the offering for all offers will target 95 percent retail investors, it added.
Reuters had previously reported that the government aimed to sell shares worth at least 1.3 trillion yen in the first tranche of the sale, which intends to raise around 4 trillion yen to fund reconstruction works after the 2011 earthquake and tsunami.
The Japan Post firms are expected to list on the Tokyo Stock Exchange on Nov. 4 after receiving approval on Sept. 10, sources have said. ($1 = 123.8700 yen)