Sullivan & Cromwell, Simpson Thacher Partners on Japan Post's $11.5B Triple Listing
The same lawyers who led Japan Tobacco's $7.8 billion share sale two years ago are advising on the IPOs of the state-owned postal service and its banking and insurance divisions.
September 13, 2015 at 11:40 PM
2 minute read
Sullivan & Cromwell and Simpson Thacher & Bartlett have the lead roles on the expected $11.5 billion triple listing of Japan Post Co. Ltd. and its banking and insurance divisions.
The state-owned postal service is selling about 10 percent of the outstanding shares in each company, which includes Japan Post, Japan Post Bank and Japan Post Insurance, according to Reuters. The listings are expected to raise $5.5 billion, $4.8 billion and $1.2 billion, respectively, when shares begin trading on Nov. 4.
The government is holding the listings to attract retail investors away from bank deposits and lift the stock market, Reuters reported. Eighty percent of the available shares will go to domestic investors, with all but 5 percent of that sold to individual investors.
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