Tokyo Metro’s initial public offering (IPO) has raised ¥348.6 billion ($2.3 billion), following strong demand that saw its shares priced at the top of the expected range.
The subway operator, Japan’s largest IPO in six years, sold shares at ¥1,200 each, with plans to list on the Tokyo Stock Exchange on October 23.
The company sold 232.4 million shares to domestic investors and 58.1 million to international buyers. Tokyo Metro's success comes as global investors are increasingly interested in Japan's market, which has raised $1.6 billion from IPOs this year.
The company, which operates nine train lines and serves 6.52 million daily passengers, will see its government ownership halved after the listing.