Tokyo Metro Sets Price Range for Largest Japanese IPO Since 2018

The subway operator aims to raise up to ¥349 billion, with the final price set to be decided on October 15.

Tokyo Metro's IPO price range is set between ¥1,100 and ¥1,200 per share, valuing the company at up to ¥697.2 billion.
The IPO is expected to raise between ¥319.6 billion and ¥348.6 billion, making it the largest in Japan in six years.
The final IPO price will be decided on October 15, with the Tokyo Stock Exchange listing scheduled for October 23.
Tokyo Metro is jointly owned by the Tokyo and national governments and has a history dating back to 1920.
Japan's stock market has been recovering from a downturn earlier this year, with the benchmark index up around 18%.