Dai-ichi Life announces plans for 691 bln yen IPO

TOKYO Feb 22 (Reuters) - Dai-ichi Mutual Life Insurance, Japan's second-largest life insurer, said on Monday it would sell 691.4 billion yen ($7.6 billion) shares in its planned initial public offering.

Dai-ichi said it planned to sell the shares at an estimated price of about 150,000 yen each ahead of its listing slated for April. It will decide on the final price at a later date.

Based on the price given, Dai-ichi Life's IPO will be the largest initial public offering in almost 12 years.

In October 1998 NTT DoCoMo (9437.T), Japan's largest mobile phone company, went public after selling 2.1 trillion yen worth of shares. (Reporting by Junko Fujita)