could-sony-financial-reopen-japans-ipo-market

Could Sony Financial re-open JapanÆs IPO market?

JPMorgan and Nomura pull off an unlikely coup as Sony's insurance unit raises $3 billion in a deal that could stimulate JapanÆs stagnant IPO market.
October 03, 2007
The listing of Sony CorporationÆs insurance unit has surprised its detractors, pricing at the top of its Ñ380,000-Ñ400,000 $3,281-$3,453 range earlier this week. The price represents a 5%-8% premium depending on which valuation method is used to the only other listed Japanese life insurance company, TD Holdings.

A total of 800,000 shares in Sony Financial were sold, of which 75,000 were new. After the 70,000 share greenshoe is exercised, Sony will have sold a full 40% of its subsidiary. It will retain the other 60%.

JPMorgan and Nomura Securities were joint global coordinators and bookrunners on both the international and domestic tranches.

ôIt was a combination of factors. The deal benefited from the...
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