Nomura, Next Capital-backed Ashikaga files for IPO - report
Ashikaga Holdings, which is backed by Nomura Financial Partners and Next Capital Partners, has applied to list on the Tokyo Stock Exchange (TSE) for what could be a $1 billion IPO.
According to Reuters, Ashikaga's owners were encouraged to seek a listing following the recent stock market rally fueled by the reflationary policies of Prime Minister Shinzo Abe. The company is said to have begun preliminary talks with the TSE, the Financial Services Agency (FSA) and its shareholders.
Ashikaga Bank collapsed in 2003 and was delisted and temporarily nationalized soon after following a government bailout.
In 2008, a consortium of investors led by Nomura and Next, which also included venture capital firm JAFCO, acquired the bank for JPY120 billion ($1.22 billion). As part of the deal, the consortium agreed to put an additional JPY160 billion into the bank's capital to pay off the government bailout.
It was not clear how much of the company will be put up for sale, but the IPO could be worth over JPY100 billion if the majority of shareholders take advantage of what is seen as a delayed opportunity to exit.
The bank wanted to go public in 2011 but plans were shelved in the wake of both the global financial crisis and the Fukushima earthquake.
Ashikaga Bank had consolidated net assets of JPY211.7 billion as of March 2013, while Ashikaga Holdings had JPY279.3 billion.
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