Seibu said that it has reduced the IPO price to a range of between JPY1,600 ($15.7) and JPY1,800 ($17.6) per share from JPY2,300 ($22.5).
The Japanese group also said that it will sell 27.8m shares, which is less than half of the previously expected IPO size of 80.9m shares.
Cerberus was previously expected to participate in the IPO and reduce its stake in Seibu to 20 per cent from 35.5 per cent.
Last year Cerberus upped its stake in Seibu via a tender offer, falling short of its goal of nearly 45 per cent. Seibu opposed the US firm’s efforts to increase its shareholding with president Takashi Goto saying that proposals from Cerberus would hurt the company’s mid- and long-term strategy.
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