Kyushu Railway Company TSE IPO

Overview:

• Kyushu Railway Company (JR Kyushu)—the largest passenger railway company in the Kyushu region of Japan—has undertaken a ¥416 billion IPO on the Tokyo Stock Exchange (TSE), including an international offering to institutional investors pursuant to Rule 144A/Reg S.
• The transaction is Japan’s largest IPO this year and the biggest global rail IPO since 1993.
• It forms part of the breakup and privatisation efforts of Japan’s massive government-owned railway network dating back to the 1980s.
• The international joint lead managers for the international offering were JPMorgan Securities, Morgan Stanley and Nomura International.
• JR Kyushu is the largest passenger railway company in the Kyushu region of Japan, serving all seven prefectures in the region, and operates a wide variety of complementary businesses centered around its railway network, including its real estate, retail, restaurant and construction businesses.

Adam Majeed - Regional editor