Japan's SBI Shinsei Bank prices IPO at top of range

Reuters12-08

Japan's SBI Shinsei Bank prices IPO at top of range

TOKYO, Dec 8 (Reuters) - Japan's SBI Shinsei Bank 8303.T has priced its initial public offering at the top of the range, a filing showed on Monday.

The shares were priced at 1,450 yen ($9.34) apiece, compared with a range of 1,440 yen to 1,450 yen, giving the bank a market value of 1.3 trillion yen ($8.37 billion).

The bank is due to list on the Tokyo Stock Exchange on December 17.

The IPO raised 370.2 billion yen, including overallotment.

Shinsei Bank traces its origins to the Long-Term Credit Bank of Japan, which failed in 1998 and was nationalised.

After being acquired by overseas investment funds including Ripplewood, it was renamed Shinsei Bank and relisted in 2004.

The lender became a subsidiary of SBI Holdings 8473.T in 2021 and was delisted in 2023. It repaid all public funds this year ahead of the IPO.

The IPO follows listings in Japan this year by companies including JX Advanced Metals 5016.T and Tekscend Photomask 429A.T.

($1 = 155.2300 yen)

(Reporting by Sam Nussey and Mariko KatsumuraEditing by Chang-Ran Kim)

((sam.nussey@tr.com;))

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The shares were priced at 1,450 yen ($9.34) apiece, compared with a range of 1,440 yen to 1,450 yen, giving the bank a market value of 1.3 trillion yen ($8.37 billion). The bank is due to list on the Tokyo Stock Exchange on December 17. The IPO raised 370.2 billion yen, including overallotment.Shinsei Bank traces its origins to the Long-Term Credit Bank of Japan, which failed in 1998 and was nationalised.After being acquired by overseas investment funds including Ripplewood, it was renamed Shinsei Bank and relisted in 2004.The lender became a subsidiary of SBI Holdings 8473.T in 2021 and was delisted in 2023. 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