Dai-ichi Life has cleared the way for Japan's largest initial public offering in more than a decade, and the biggest in the world so far this year, with its decision to raise more than Y1,000bn ($11bn) in a Tokyo listing.
Japan's second-largest life insurance company said yesterday it would sell up to 7.2m shares on the Tokyo Stock Exchange at an indicative price of Y150,000 per share, which would give the company a market capitalisation of Y1,500bn.
The long-anticipated listing of Dai-ichi Life would be one of the largest IPOs since Visa's $19.7bn listing in 2008 and it comes as American International Assurance, AIG's Asian life insurance operation, is looking to raise up to $20bn in its Hong Kong listing this year.
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