TOKYO, April 9 (Reuters) - Japanese railway and property conglomerate Seibu Holdings set the tentative price of its initial public offering at 1,600 to 1,800 yen per share, as much as 30 percent lower than an earlier estimate and said its largest shareholder, U.S. private equity firm Cerberus, would not participate.
Seibu also lowered the planned number of shares offered to 27.8 million from an earlier estimate of 80.9 million, it said in a statement on Wednesday, reflecting tepid demand for one of the country's biggest stock offerings this year.
Seibu's previous estimate for IPO had been 2,300 yen per share, valuing the offering at 186 billion yen and the entire company at 787 billion yen.
People familiar with the Seibu deal, who asked not to be named because of the private nature of discussions, said on Tuesday that underwriters had been eyeing a lower price for the IPO after investors balked at the earlier estimate. (Reporting by Ritsuko Ando; Editing by Dominic Lau)