TOKYO, April 9 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
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)