(Bloomberg) -- Tokyo Metro Co.’s initial public offering has raised ¥348.6 billion ($2.3 billion) after the company priced shares at the top of the marketed range, people familiar with the matter said, in a show of hot demand for Japan’s biggest listing in six years.
The subway operator priced the shares at ¥1,200 apiece, the people said, asking not to be identified to discuss private information. The shares were marketed at a range of ¥1,100 to ¥1,200 each. The company expects to list shares in Tokyo on Oct. 23.
A representative for Tokyo Metro declined to comment.
The IPO is Japan’s biggest since SoftBank Corp.’s $21 billion listing in December 2018, according to data compiled by Bloomberg. IPOs in Japan have raised $1.6 billion this year, and Tokyo Metro’s listing, combined with other deals, could lift that figure closer to the $4.4 billion raised in all of 2023.
The deal has drawn significant attention from global investors, with long-only funds having covered the IPO’s entire international order book, Bloomberg News reported last week. The IPO’s domestic portion, which makes up 80% of the deal, has also been covered, people familiar with the matter said.
Tokyo Metro, which was established in 2004, operates nine train lines and carries on average about 6.52 million passengers per day. Japan’s government owns 53.42% of the company while the Tokyo Metropolitan government owns the remaining 46.58%. Their combined shareholding will halve following the offering.
Nomura Holdings Inc., Mizuho Financial Group Inc. and Goldman Sachs Group Inc. are joint global coordinators for Tokyo Metro’s IPO.
--With assistance from Katsuyori Suzuki and Nao Sano.
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