TOKYO, April 14 Japanese railway and property
conglomerate Seibu Holdings set its IPO price at 1,600 yen, the
low end of a tentative range announced last week, according to a
The price reflects weak demand for recent offerings as well
as a general decline in Tokyo stocks, which are currently the
worst performers in major developed markets.
U.S. private equity firm Cerberus, Seibu's top shareholder,
pulled out of the offering last week as Seibu slashed the
tentative price to 1,600-1,800 yen per share from an initial
estimate of 2,300 yen.
Cerberus found the new price unacceptable and opted to wait
for a market recovery, sources familiar with the deal told
(Reporting by Ritsuko Ando; Editing by Dominic Lau)