* Top shareholder Cerberus to sell 15.5 percent stake in IPO
* Tokyo Stock Exchange approves Seibu listing for April 23
* Seibu was delisted in 2004 due to disclosure scandal
* IPO worth about $1.83 billion, implying market cap of $7.8
(Adds valuation, sale plans by other shareholders)
TOKYO, March 19 Japan's Seibu Holdings said on
Wednesday it has received approval to list its shares on the
Tokyo Stock Exchange on April 23 in an initial public offering
that sources said would be worth about $1.8 billion, one of the
country's biggest IPOs this year.
Cerberus Capital Management LP, the company's
largest shareholder, will sell a 15.5 percent stake, leaving it
with about 20 percent of the railway and property conglomerate's
shares, according to an exchange filing.
Citigroup Capital Partners, UBS Securities, Norinchukin Bank
and the Development Bank of Japan are also selling shares in the
offering, which comes nearly a decade after Seibu was delisted
in the wake of disclosure scandal. In all, shareholders will
sell about a quarter of the company's stock in the offering.
Seibu, which is not raising any money in the IPO, did not
disclose a per share price.
Sources with knowledge of the matter said a tentative price
had been set at 2,300 yen per share, valuing the IPO at 186
billion yen ($1.83 billion) and the entire company at 787
billion yen. The final IPO price will be decided in the coming
weeks based on demand from investors.
Cerberus and Seibu management have been working to mend
fences in recent months after a rocky 2013 in which a public
feud erupted over when the company should be listed and at what
price. The battle included a failed attempt by the U.S. fund to
take control of the Japanese company's board.
Mizuho Securities and UBS Securities are the global
coordinators on the deal.
($1 = 101.3650 Japanese yen)
(Reporting by Emi Emoto and Nathan Layne; Editing by Dominic
Lau and Matt Driskill)