Nippon Yusen to issue $1.7 bln in shares-Nikkei

TOKYO Nov 12 (Reuters) - Japanese shipping firm Nippon Yusen (9101.T) will likely raise about 150 billion yen ($1.7 billion) in its first public share offering in 40 years, the Nikkei business daily reported on Thursday.

Nippon Yusen plans to use the funds to invest in growing business areas such as transportation of natural resources and automobiles, the Nikkei said.

No one at Nippon Yusen could be reached for comment.

The company may offer the shares as early as next month to both Japanese and overseas investors, with Nomura Securities and Merrill Lynch Japan Securities likely to serve as co-lead underwriters of the sale, the Nikkei said.

The offering would increase the number of Nippon Yusen's outstanding shares by about 30 percent, the Nikkei said.