Exclusive-Japan, Tokyo governments target $4.7 billion valuation for Tokyo Metro in IPO, sources say
TOKYO - Japan's national and Tokyo governments are seeking a 700 billion yen 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.
With half the company to be sold, the initial public offering could raise 350 billion yen at that valuation, which would exceed the size of Kokusai Electric's IPO last year and become the largest since SoftBank in 2016. Tokyo Metro runs 195 kilometres of lines carrying 6.5 million passengers daily.
The company, whose business includes real estate and retail, reported net profit jumped by two-thirds to 46 billion yen in the financial year ended March 2024 as economic activity rebounded from the COVID-19 pandemic.
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