By Kosaku Narioka
KKR & Co.-backed PHC Holdings Corp. said it plans to sell shares worth 82.55 billion yen ($740.6 million) in an initial public offering.
The Japanese healthcare-device maker, formerly known as Panasonic Healthcare, said Wednesday it plans to offer 6.6 million new shares and 18.8 million shares held by existing shareholders, including KKR, Japanese trading house Mitsui & Co. and Panasonic Corp.
The IPO price of Y3,250 apiece was at the lower end of the Y3,250-Y3,500 range used in a book building process and would value the company around Y400 billion, given about 123.0 million shares outstanding at the time of listing.
The shares are scheduled to be listed on the Tokyo Stock Exchange on Oct. 14.
KKR, which bought the healthcare business from Panasonic in 2014, held a 46% stake in the company as of Sept. 7, while Mitsui owned a 20% interest and Panasonic had 11% ownership.
Write to Kosaku Narioka at firstname.lastname@example.org
(END) Dow Jones Newswires