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Japan Display gets approval for up to $4 bln Tokyo listing

Friday, 14 Feb 2014 | 1:34 AM ET

TOKYO, Feb 14 (Reuters) - Japan Display Inc, the world's biggest maker of screens for tablets and smartphones, gained approval for a Tokyo listing next month in an offering expected to be worth up to 409 billion yen ($4 billion).

The deal will enable the government-backed fund that engineered its turnaround recoup some of its investment. Japan Display said existing shareholders will sell 213.9 million shares.

The screen maker, a supplier to Apple Inc and Samsung Electronics Co Ltd, is also issuing 140 million new shares to raise funds for plant and equipment, hoping to raise some 154 billion yen ($1.51 billion).

There will also be an overallotment of up to 18 million shares.

It set a tentative IPO price of 1,100 yen. It plans to list on March 10.

The company was formed in 2012 from the display units of Hitachi Ltd, Sony Corp and Toshiba Corp . ($1 = 102.1650 Japanese yen)

(Reporting by Sophie Knight; Editing by Edwina Gibbs)