Deal of the Year and Best IPO
Daido Life Insurance Company Y171 billion IPO
Nomura
The culmination of four years of hard work, the demutualization and IPO of Daido Life Insurance was a watershed deal for the Japanese markets and for the embattled life insurance sector. The deal stands as the first successful demutualization IPO in Japan and as such required creativity, innovation and perseverance in almost equal measure. The deal saw the sale of 633,215 new and existing shares for Y171 billion $1.3 billion during March 2002, a very weak time for the underlying Tokyo market.
The deal had to contend with the in-built instability that...
