Japan raising $11.6 bn in postal giant share sale
25 Sept 2017 11:12 PM IST
Tokyo: Japan said on Monday that it expects to raise more than $11.6 billion by selling off another chunk of the country's massive postal service.
The government will selling 914 million Japan Post shares at 1,322 yen apiece, it said in a regulatory filing, with the offering set to raise as much as 1.3 trillion yen ($11.6 billion) if domestic and foreign investors snap up an extra allotment of stock.
Shares of Japan Post closed at 1,349 yen on Monday, down 1.03 per cent. The huge sale comes as after an initial public offering (IPO) in 2015 that began a long-delayed privatisation of the state-owned behemoth. Two years ago the government raised about 1.43 trillion yen in the IPO, which included shares in Japan Post's banking and insurance units. It was the country's biggest privatisation since Nippon Telephone & Telegraph's 1987 listing.
The bulk of the proceeds from the Japan Post sale were earmarked for reconstruction after Japan's 2011 quake-tsunami disaster.
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