UPDATE 1-Nikko Asset to list in $591 mln IPO
* Nikko Asset says to list via Y45.5 bln IPO on TSE
* To go public on Dec. 15
TOKYO Nov 16 (Reuters) - Japan's Nikko Asset Management said on Wednesday it plans to list its shares via a 45.5 billion yen ($591 million) initial public offering on the Tokyo Stock Exchange.
The Japanese fund manager will go public on Dec. 15, with an initial offering of 54.15 million shares, with an assumed selling price of 840 yen per share. It further aims to sell up to 2.98 million shares through over-allotment options.
Sumitomo Trust and Banking Co, which bought Nikko Asset from Citigroup in 2009 and now owns 91.3 percent, will offload a part of its shareholdings.
Nikko Asset, which holds $154 billion in assets under management and is seeking new revenues outside Japan, in March bought Australian firm Tyndall Investments and last year said it would buy Singapore's DBS Asset Management.