Japan Post In Concurrent IPO Filing

Japan Post Holdings Co. and its banking and insurance arms are set to file for simultaneous listings on the Tokyo Stock Exchange Today.

Japan Post President Taizo Nishimuro said at a press conference that the state-owned giant decided on the filings at a shareholders meeting and subsequent board meeting last Friday.

Japan Post, Japan Post Bank and Japan Post Insurance Co. are expected to go public in October. The banking and insurance arms provide services through the nationwide postal network.

The government plans to gradually sell Japan Post Holdings shares until its stake in that company falls to a little more than a third.

Once approval is received, the government will announce the date of the initial public offering, the expected prices and number of shares to be offered for sale in each of the three entities.

Among the priorities the Japanese government have highlighted for the proceeds from the IPO sales will be financing the reconstruction in the Tohoku region, parts of which were totally devastated by the March 2011 Earthquake and tsunami.

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