TOKYO, June 16 (Reuters) - Japanese property developer Mitsui Fudosan Co Ltd said on Monday it gave the smallest discount to investors as it priced the stock for its first share sale in three decades to raise capital to tap growing demand for real estate in Japan.
Mitsui Fudosan, one of Japan’s leading property managers, has set a price of 3,138 yen per share for the new share offering, the company said in a statement, a 3 percent discount from Monday’s closing share price of 3,236 yen. Mitsui could have given as much as a 5 percent discount.
The company expects to raise as much as 345.2 billion yen ($3.4 billion) from the sale.
Mitsui Fudosan’s share price has fallen 3.1 percent since the company announced the sale on May 27 as investors fear dilution in the stock after the company’s first equity offering since 1982.
The Tokyo-based company has offered as many as 110 million shares to investors in Japan and overseas. ($1 = 102.0500 Japanese Yen) (Reporting by Junko Fujita; Editing by Anupama Dwivedi)