Quartet Advised On Tokyo Metro’s ¥319.6 Billion IPO

Quartet Advised On Tokyo Metro’s ¥319.6 Billion IPO

Davis Polk & Wardwell, Simpson Thacher & Bartlett, Anderson Mori & Tomotsune, and Nagashima Ohno & Tsunematsu are spearheading Tokyo Metro's plans for a public offering, targeting JPY319.6 billion (approximately USD2.24 billion) in its initial public offering (IPO).

Tokyo Metro is set to list on the prime market of the Tokyo Stock Exchange on 23 October, following the approval of its IPO application by the exchange on 20 September. In its filings with the Financial Services Agency (FSA) on the same day, the subway operator announced its intention to conduct a global offering of 290.5 million shares at an indicative price of JPY1,100 each, with the final price expected to be determined on 15 October.

Currently, Japan’s Ministry of Finance holds a 53.42% stake in Tokyo Metro, while the Tokyo Metropolitan Government owns a 46.58% interest, according to a preliminary offering circular submitted to the FSA on 20 September.

Nagashima Ohno and Simpson Thacher are advising Tokyo Metro directly, while Anderson Mori and Davis Polk are providing legal counsel to international managers, including Merrill Lynch International, JP Morgan Securities, and Daiwa Capital Markets Europe.

Tokyo Partner Hironori Shibata is leading the team at Anderson Mori.

Tokyo Metro's IPO will be the largest in Japan in the past six years, with the subway operator aiming to raise close to JPY320 billion in its maiden public float.