By Miho Uranaka and Sam Nussey
TOKYO (Reuters) -SBI Shinsei Bank is targeting an offering size of 368 billion yen ($2.44 billion), including overallotment, in its initial public offering, filings showed on Thursday.
The IPO of SBI Shinsei Bank, a unit of SBI Holdings, will include the sale of new and existing shares with the reference price set at 1,440 yen per share.
Norinchukin will buy shares for up to some 5 billion yen with the listing in Tokyo planned for December 17.
Reuters reported the targeted offering size and Norinchukin’s plan to buy shares earlier on Thursday.
SBI Shinsei Bank is targeting a valuation of roughly 1.3 trillion yen in the IPO, filings showed.
Norinchukin, which is unlisted, is the principal financial institution for Japan’s farm, forestry and fishery cooperatives and generates returns primarily through securities investments rather than lending.
It is a major player in global markets and in recent years has become one of the world’s largest investors in collateralised loan obligations (CLOs).
SBI Shinsei Bank traces its origins to the Long-Term Credit Bank of Japan, which failed in 1998 and was nationalised.
After being acquired by overseas investment funds including Ripplewood, it was renamed Shinsei Bank and relisted in 2004.
The lender became a subsidiary of SBI Holdings in 2021 and was delisted in 2023. It repaid all public funds this year ahead of the IPO.
The IPO follows listings in Japan this year by companies including JX Advanced Metals and Tekscend Photomask.
Reuters reported in June that SBI Shinsei Bank was preparing to relist by year-end.
($1 = 150.7800 yen)
(Reporting by Miho Uranaka and Sam Nussey; Additional reporting by Mariko Katsumura and Kane Wu; Editing by Christopher Cushing)
