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Government to name underwriters for new Japan Post share sale

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Staff Writer | January 17, 2017
Japan's government has started arranging a further sale of shares in Japan Post Holdings.
Japan Post
Business in Japan   $35 billion for the post
The conglomerate made an unprecedented three-way initial public offering in November 2015, in which the holding company and its two financial units each sold about 10 percent shares to the public.

The government plans to eventually raise about 4 trillion yen ($35 billion) through additional stake sales in Japan Post group to fund the reconstruction of areas hit by the 2011 earthquake and tsunami.

The Ministry of Finance said it would start selecting lead underwriters for the second round of sales of Japan Post Holdings shares held by the government.

It set a deadline of February 16 to apply for roles as global coordinators and book runners.

A finance ministry statement said the timing and scale of the additional share sale have not been decided.

Mitsubishi UFJ Morgan Stanley, Nomura Securities, Goldman Sachs and JPMorgan were hired as global coordinators for Japan Post's IPO.

The government sold about $12 billion worth of shares in Japan Post and its Japan Post Bank and Japan Post Insurance units in the IPO.