KKR-Backed PHC Holdings Plans $740.6 Million Initial Public Offering
October 06 2021 - 6:39AM
Dow Jones News
By Kosaku Narioka
KKR & Co.-backed PHC Holdings Corp. said it plans to sell
shares worth 82.55 billion yen ($740.6 million) in an initial
public offering.
The Japanese healthcare-device maker, formerly known as
Panasonic Healthcare, said Wednesday it plans to offer 6.6 million
new shares and 18.8 million shares held by existing shareholders,
including KKR, Japanese trading house Mitsui & Co. and
Panasonic Corp.
The IPO price of Y3,250 apiece was at the lower end of the
Y3,250-Y3,500 range used in a book building process and would value
the company around Y400 billion, given about 123.0 million shares
outstanding at the time of listing.
The shares are scheduled to be listed on the Tokyo Stock
Exchange on Oct. 14.
KKR, which bought the healthcare business from Panasonic in
2014, held a 46% stake in the company as of Sept. 7, while Mitsui
owned a 20% interest and Panasonic had 11% ownership.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
October 06, 2021 06:24 ET (10:24 GMT)
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