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Nomura Prices IPO at Record $1B-Plus

TOKYO-Strong demand from investors and a strengthening real estate market enables Nomura to price its IPO at the top end of the range. It's said to top the Japanese IPO charts.

By Anita Howarth | Updated on September 25, 2006

TOKYO-Nomura Real Estate Holdings has priced its shares at the top of a projected range, raising $1.4 billion. The company, which is 95% owned by an affiliate of brokerage Nomura Holdings, priced its shares at 3,500 yen ($29.88) each, at the top end of a tentative range of 3,200-3,500 yen in a sign of strong investor demand.

A total of 36 million new shares will be sold while existing shareholders will sell five million shares. If an option for an additional six million shares is exercised, the offering would be worth 164.5 billion yen ($1.4 billion). That would make the offering the largest IPO this year, ahead of Nippon Commercial Investment Corp.’s $1.03 billion IPO, according to private research firm Dealogic. Nippon Commercial is a REIT fund and will list on Sept. 26.

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