Dai-ichi Mutual Life Insurance Co., Japan’s second-largest private life insurer, reported Tuesday it will raise $11 billion in one of the country’s largest initial public offerings, according to Associated Press.
The company will sell 7.1 million shares at 140,000 yen ($1,550) each, which is well below the highest price it was seeking.
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The 995 billion yen offering would be Japan's largest since mobile carrier NTT DoCoMo Inc. went public in 1998 and the world's largest since the $18 billion offering by Visa Inc. (NYSE: V) two years ago.
By going public, the company will at least have more flexibility to deal with the demographic changes, enabling expansion through mergers and acquisitions.
The company, which will be demutualized, will list on the Tokyo Stock Exchange on April 1 and renamed Dai-Ichi Dai-Ichi Life Insurance Co.
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