- Shares of Japan s PHC Holding Corp. fell during their initial offering of Tokyo after being sold at the bottom of a marketed range in the nation s largest public offering since 2018.
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Which Front Line of U.S.? The company of medical devices slid 18% to 2,651 yen per share. They were priced at 3,250 yen apiece, the bottom of a range which went as high as 3,500 yen after being lowered from a previous indicative level.
The company and its shareholders, including SoftBank Corp. and Mitsui Co. raised about 71.8 billion yen $634 million in the IPO making it the biggest listing in Japan since SoftBank Group Corp. s mobile unit SoftBank Corp. debuted in December 2017.
PHC s share sale comes as sentiment at the stock market has moved from anger over the departure of former prime Minister Fumio Kishida to concern over replacing Yoshihide Suga in Japan. The NikkeiNikkei 225 stock average has retreated about 7% since peaking on 14 Sept. at its highest level in more than three decades.
Up to $4.7 billion has been raised in Japan through IPOs so far this year, a total of 182% increase over the same period in 2020, according to Bloomberg data compiled. Most of the 83 companies that were listed on stock since January raised less than $100 million each, a common trend in the market in recent years. Initial, PHC and its shareholders planned to raise as much as $1.6 billion with this offering.
PHC plans to use the proceeds for purposes such as strengthening its distribution networks in the management segment of diabetes, increasing production capacity in life sciences and paying down debt.
Goldman Sachs Japan, Bank of America Securities Japan, JPMorgan Securities Japan, Morgan Stanley, SMBC Nikko Securities, KKR Capital Markets and Mizuho Securities are joint global coordinators.
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