2023-10-25 09:43:36
By Le Figaro with AFP
Published 6 hours ago, Updated 3 hours ago
This IPO comes at a time when Japan, like the United States and Europe, is investing heavily to strengthen its industrial base in semiconductors. STAFF / REUTERS
It is the largest IPO in Tokyo since that of telecoms company SoftBank Corp, a subsidiary of SoftBank Group, in 2018.
The Japanese semiconductor industry equipment company Kokusai Electric made its return to the Tokyo Stock Exchange on Wednesday, the largest IPO on this market since 2018. This former listed subsidiary of the Japanese conglomerate Hitachi was bought at the end of 2017 by the American fund KKR, which then split it to keep only its activity linked to semiconductors.
The stock started at a unit price of 1,840 yen and rose 26% at the mid-session break, valuing the company at 534.8 billion yen (3.4 billion euros). This is the largest IPO in Tokyo since that of the telecoms company SoftBank Corp, a subsidiary of SoftBank Group, in 2018. KKR was to raise 108 billion yen in the operation (approximately 675 million euros) , by selling only part of its shares.
This IPO comes at a time when Japan, like the United States and Europe, is investing heavily to strengthen its industrial base in semiconductors, in order to depend less on China in the future in this crucial area. Japan, like the United States, has also implemented restrictions this year on the export of semiconductor-related products to China, which could partly slow down Kokusai Electric’s future growth. KKR had previously attempted to resell this company to the American Applied Materials for $3.5 billion, but this transaction was abandoned in 2021 due to a refusal by Chinese regulatory authorities, against the backdrop of the Sino-American trade war. .
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