Apple (AAPL) Panel Supplier Japan Display Prices $3B+ IPO
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Apple (Nasdaq: AAPL) display supplier Japan Display is expected to raise about $3.1 billion following pricing of its IPO.
Bloomberg reported Monday that the company, which was founded by Sony (NYSE: SNE), Toshiba, and Hitachi (OTCBB: HTHIY) spun-off their respective display units to state-backed Innovation Network Corp. of Japan. The company sold 140 million new shares and Sony offered 213.9 million existing shares. Pricing was at ¥900 apiece, at the lower-end of the expected ¥900 to ¥1,100 range.
Trading of Japan Display will begin on March 19th.
INCJ bought a ¥200 billion stake in 2012, good for about 70 percent of the company.
Underwriters on the offering include Goldman Sachs, Morgan Stanley, Bank of America, Deutsche Bank, and UBS AG.
Bloomberg reported Monday that the company, which was founded by Sony (NYSE: SNE), Toshiba, and Hitachi (OTCBB: HTHIY) spun-off their respective display units to state-backed Innovation Network Corp. of Japan. The company sold 140 million new shares and Sony offered 213.9 million existing shares. Pricing was at ¥900 apiece, at the lower-end of the expected ¥900 to ¥1,100 range.
Trading of Japan Display will begin on March 19th.
INCJ bought a ¥200 billion stake in 2012, good for about 70 percent of the company.
Underwriters on the offering include Goldman Sachs, Morgan Stanley, Bank of America, Deutsche Bank, and UBS AG.
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