Search
 

Kennedy-Wilson Completes IPO of Japan Operation

BEVERLY HILLS, CA-The initial offering price for the 28,320-share offering was $3,300 apiece. Shares closed their first day of trading at $4,300. Nikko Salomon Smith Barney was the lead manager of the syndicate.

By Peter Landau | Updated on February 24, 2002

BEVERLY HILLS, CA-Kennedy-Wilson, the international real estate investment, services and fund management firm, has completed its IPO of its fast growing subsidiary Kennedy-Wilson Japan. The IPO share price was set at 440,000 yen (US$3,300) and the stock closed its first day of trading at 570,000 yen (US$4,300) a share.

Nikko Salomon Smith Barney was the lead manager of the syndicate. William J. McMorrow, chairman and CEO of Kennedy-Wilson states that the firm is very pleased with the success of Kennedy-Wilson Japan’s business and its strong acceptance by the Japanese investment community. Over the last seven years, Kennedy-Wilson Japan has built a powerful position in the Japanese market.

With 28,320 shares outstanding, the current stock price of $4,300 gives Kennedy-Wilson Japan a market capitalization of $122 million. Parent company Kennedy-Wilson, Inc. sold 2,500 shares through the IPO. As a result of this sale, Kennedy-Wilson, Inc. retains a 50.5% ownership interest in Kennedy-Wilson Japan.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.