Carlyle-backed Rigaku plans to raise up to $870m in Tokyo IPO, via Reuters

TOKYO (Reuters) – Japanese x-ray testing equipment maker Rigaku set a provisional initial public offering (IPO) price range of 1,230 to 1,260 yen ($8.48) per share against an estimate initial 1,230 yen, a regulatory filing showed on Wednesday.

At the top of the range, Rigaku, which is backed by the buying firm The Carlyle Group (NASDAQ: ), would raise up to ¥129 billion ($870 million), including an over-allotment.

Rigaku’s final IPO price will be decided on October 17, ahead of its listing on the Tokyo Stock Exchange on October 25.

Japan’s stock market suffered a sell-off in early August, triggered by a surprise interest rate hike and fears of a US recession, before regaining ground.

The benchmark is up about 18% year to date.

Tokyo Metro on Monday set the price range for its IPO at 1,100 to 1,200 yen per share.

At the top of the range, Tokyo Metro would raise 349 billion yen in Japan’s biggest IPO for six years.

(1 USD = 148.5400 yen)