Asia Pacific

Japan's PHC, formerly Panasonic Healthcare, announces $1.8 bln IPO

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TV camera men wait for the opening of market in front of a large screen showing stock prices at the Tokyo Stock Exchange in Tokyo, Japan October 2, 2020. REUTERS/Kim Kyung-Hoon

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TOKYO, Sept 8 (Reuters) - Japanese medical device maker PHC Holdings Corp , formerly Panasonic Healthcare, will list on the Tokyo Stock Exchange on Oct. 14 in an initial public offering (IPO) worth up to 197.7 billion yen ($1.8 billion).

In what would be Japan's biggest IPO this year, PHC will offer up to 53.4 million shares, including an overallotment in the event of exceptional demand, a filing with the Ministry of Finance showed on Tuesday.

At PHC's indicative price of 3,700 yen per share, the company will have a market value of 452 billion yen ($4.1 billion), Reuters calculations showed.

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U.S. private equity firm KKR & Co (KKR.N) bought the former Panasonic Corp (6752.T) healthcare unit in a $1.67 billion carve-out deal in 2014, when the Japanese electronics conglomerate overhauled its business.

KKR currently owns 45.77% of PHC, Japanese trading house Mitsui & Co Ltd (8031.T) owns 20.17% and Panasonic 10.79%.

PHC, with a global workforce of over 9,700, reported revenue of $2.8 billion in the year ended in March.

The company last year ramped up production of ultra-low temperature (ULT) freezers to meet an estimated 50% surge in demand globally as health authorities prepared to handle storage of delicate mRNA vaccines for COVID-19.

($1 = 110.3000 yen)

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Reporting by Makiko Yamazaki and Rocky Swift; Editing by Susan Fenton and Christopher Cushing

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