Nippon Paint to Offer $1.8 Billion in Overseas Share Sale
(Bloomberg) -- Nippon Paint Holdings Co. will offer up to 203 billion yen ($1.8 billion) of its shares in an overseas sale after several of its shareholders said they were willing to pare their holdings in the industrial paint maker.
Nippon Paint says in a statement Friday the secondary offering will improve the liquidity of its shares, which it saw as relatively low based on its market capitalization. Sellers include Sumitomo Mitsui Banking Corp., MUFG Bank and Sompo Japan Insurance Inc.
It also sees the move alleviating future concerns that may arise over the potential sale of its shares by holders that own them as “strategic holdings.” Japanese companies have been called out by investors to reduce such holdings, which are often acquired to cement business ties, to free up capital.
- Base offering ~140m shares, overallotment up to 17.6m shares:
- Sumitomo Mitsui Banking Corp.: 49,998,300 shares
- MUFG Bank: 35,667,400 shares
- Mitsubishi UFJ Trust and Banking: 19,030,000 shares
- Sumitomo Mitsui Trust Bank: 17,632,500 shares
- Aioi Nissay Dowa Insurance: 10,819,600 shares
- Sompo Japan Insurance: 6,986,000 shares
- Discount range 3% to 5%
- Joint lead managers, active joint bookrunners: BofA Secrurities, Nomura Securities
- To be priced as soon as Jan. 17
©2022 Bloomberg L.P.
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