September 12, 2013 / 11:14 PM / in 4 years

Japan Display to raise $2 bln in IPO in 2013/14 fiscal year - Nikkei

TOKYO, Sept 13 (Reuters) - Japan Display, the world’s top maker of screens for smartphones and tablets, plans to raise 200 billion yen ($2 billion) in an initial public offering by the end of the financial year ending in March, the Nikkei newspaper said on Friday.

Japan Display, a supplier to Apple Inc, was formed in 2012 from display units of Sony Corp, Hitachi Ltd and Toshiba Corp. It is 70 percent backed by the government.

Japan Display CEO Shuichi Otsuka told Reuters on Sept. 5 the company would reach maximum capacity at a recently opened factory by next summer, raising the likelihood of an IPO early next year to fund a new facility.

On the same day, a source familiar with the matter told Reuters the company was aiming for an IPO during the current financial year that would value the entire business at about 800 billion yen.

Japan Display has tapped Goldman Sachs, Nomura Securities and Morgan Stanley as global coordinators for the IPO, sources with direct knowledge of the matter have told Reuters.

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