Japan Post Holding has set an indicative price range of 1,100-1,400 yen ($8.30-$11.70) per share in an initial public offering, one of a trio of listings by the state-owned post office that make up a privatization worth close to $12 billion in total, Japan's biggest in three decades.
The Japan Post holding company and two financial units - an insurer and a bank - plan to raise as much as a combined 1.4 trillion yen ($11.6 billion), with shares set for a Nov. 4 trading debut. Around 10 percent of each firm's shares are on offer, with more tranches to be sold in future.
Japan's government is betting heavily on successful IPOs for the trio, hoping to raise more than $33 billion to fund reconstruction after the country's 2011 earthquake and tsunami. It's pitching the IPOs squarely at domestic mom-and-pop investors who know and trust the national post office - with early stockbroker indications suggesting strong retail interest.