Japanese railway and property group Seibu has priced its IPO at JPY1,600 ($15.7) per share, which is at the lower end of the indicative range, a regulatory filing showed.
Earlier this month Seibu’s private equity backer Cerberus decided no to participate in the IPO after the group reduced the IPO price to between JPY1,600 and JPY1,800 per share.
Seibu said it would sell 27.8m shares, which is less than half of the previously expected IPO size of 80.9m shares.
The US private equity firm, which last year increased its stake in Seibu via a tender offer, planned to cut its stake to 20 per cent form 35.5 per cent currently.
Seibu opposed Cerberus’ efforts to increase its shareholding and the firm fell short of its goal of 45 per cent.
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