Japan Aiful Corp shares rose almost 7% on Tuesday after the Japanese consumer lender priced its new share offer. Successful completion removes some uncertainty surrounding Aiful's financial stability.
Aiful will raise around ¥87bn ($705m) to repay debt it took on to purchase the assets of Life in March. Moody's had said it was likely to keep Aiful's long term debt rating at Baa2 if the company could raise funds to repay its bank borrowings.
Aiful will sell up to 8.5m shares if the 1m share greenshoe is exercised. The issue was priced at a 2% discount to Monday's closing price. Around 4m of the shares went overseas, and a further 1m will be sold to offshore buyers on exercise of the shoe.
The deal comprised a domestic issue of 3.5m shares handled by Nomura Securities, and an international offer of 4m shares plus the greenshoe arranged by Morgan Stanley and Nomura.
* Softbank Commerce Corp is to list on Nasdaq Japan as the sixth IPO from internet group investor Softbank. The seller of system solutions will offer 60,000 new shares and 50,000 existing shares on September 14. Nomura is the lead manager.
* Two real estate investment trusts (REITs) have applied to be the first such entities to list on the Tokyo Stock Exchange. Japan Real Estate Asset Management and a REIT controlled by Mitsui Fudosan have received approval for their planned listings.
Mitsui Fudosan is Japan's largest real estate company and obtained approval for its IPO last Friday. The company plans to sell shares of a ¥230bn property trust to the public on September 10.
Philippines
Caltex Corp's Philippines unit has hired JP Morgan Chase to handle its IPO, the company chairman reported to the local press in Manila this week.
Royal Dutch/Shell's Philippines arm has reportedly hired Salomon Smith Barney for its share offer.