Tue, Mar 11, 2014 - Page 15 News List

Japan Display prices IPO sale at lowest end of range

Bloomberg

Japan Display Inc, a supplier of screens for Apple Inc devices, and its investors is to raise about ¥318.5 billion (US$3.1 billion) after pricing its initial public offering (IPO) at the bottom of the price range.

Japan Display sold shares at ¥900 a piece, according to a statement to the Japanese Ministry of Finance.

The company sold 140 million new shares and investors including Sony Corp offered 213.9 million existing shares, according to the filing.

PARTIAL EXIT

The IPO offers a partial exit for state-backed Innovation Network Corp of Japan (INCJ), which bought a 70 percent stake in the company for ¥200 billion in 2012.

Japan Display was created when Sony, Toshiba Corp and Hitachi Ltd spun off their panel businesses to INCJ after struggling to compete in the television display market.

Japan Display planned to sell shares in the range of ¥900 to ¥1,100, according to terms for the deal obtained by Bloomberg News on Monday last week.

Shares of Japan Display will start trading in Tokyo on Wednesday next week, according to the terms.

INCJ

INCJ, as the government-backed fund is known, was founded in July 2009 to invest in technology that would make Japanese industries more globally competitive.

It has invested about ¥700 billion in 57 projects as it focuses on energy, electronics, information technology and biotechnology, it said in a statement on Feb. 12.

The fund has ¥280 billion of funds from the government and companies, and has the capacity to invest as much as ¥2 trillion backed by government guarantees, its Web site shows.

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