Apple (AAPL) Panel Supplier Japan Display Prices $3B+ IPO

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.

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