Dai-ichi Mutual to be listed, market value around 1.5 tril. yen

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TOKYO, Feb. 22 Kyodo -
Tokyo Stock Exchange Group Inc. said Monday it has approved the listing on
April 1 of Dai-ichi Mutual Life Insurance Co. in a transaction that will mark
one of Japan's largest initial offerings of recent years.
Dai-ichi, which will be listed in parallel with its demutualization into a
joint stock company, will issue 10 million shares. At a tentative price of
150,000 yen, the issue will give the company a market capitalization of 1.5
trillion yen.
Japan's second-largest private life insurer is expected to have around 1.5
million shareholders, the highest among the country's publicly traded
companies, surpassing Nippon Telegraph and Telephone Corp.'s 1.03 million
shareholders as of March 2009.
Dai-ichi will sell a maximum of 7,106,170 shares, of which around 4.6 million
will be sold in Japan and about 2.49 million abroad.
The company will allocate 2.11 million shares of the total offering to
designated companies to secure stable shareholders, Dai-ichi said.
As a result, Mizuho Financial Group Inc. will acquire a 5.6 percent stake in
Dai-ichi, Sompo Japan Insurance Inc. 4.0 percent and the Bank of
Tokyo-Mitsubishi UFJ 2.2 percent.
Dai-ichi will also set aside 100,000 shares for an over-allotment option.
The new stock's offer price is scheduled to be decided on March 19.
Dai-ichi Mutual decided to become a stock firm at a meeting last June
equivalent to a general shareholders meeting of a stock company.
By becoming a stock company, the insurance firm is expected to be able to
secure funds from the market and invest in future growth focusing on overseas
operations, including actively engaging in buyouts.
==Kyodo
2010-02-22 23:12:51