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Japan’s PHC, formerly Panasonic Healthcare, announces $ 1.8 billion IPO

TV cameramen wait for the market to open in front of a big screen showing stock prices on the Tokyo Stock Exchange in Tokyo, Japan, October 2, 2020. REUTERS / Kim Kyung-Hoon / File Photo

TOKYO, Sept. 8 (Reuters) – Japanese medical device maker PHC Holdings Corp, formerly Panasonic Healthcare, will be listed on October 14 in an initial public offering (IPO) valued at up to 197.7 billion yen ($ 1.8 billion ) are listed on the Tokyo Stock Exchange.

In Japan’s largest IPO this year, PHC will offer up to 53.4 million shares, including an over-allotment in the event of exceptional demand, a filing with the Treasury Department on Tuesday revealed.

At the indicative price of PHC of 3,700 yen per share, the company will have a market value of 452 billion yen ($ 4.1 billion), according to Reuters calculations.

The US private equity firm KKR & Co (KKR.N) bought the former health care unit Panasonic Corp (6752.T) in 2014 as part of a carve-out deal worth 1.67 billion US dollars than the Japanese Electronics company revised its business.

KKR currently owns 45.77% of PHC, the Japanese trading house Mitsui & Co Ltd (8031.T) owns 20.17% and Panasonic 10.79%.

PHC, with more than 9,700 employees worldwide, had sales of 2.8 billion US dollars in the year ended March.

The company ramped up production of ultra-low-temperature (ULT) freezers last year to meet an estimated 50% increase in global demand as health officials prepare to store sensitive mRNA vaccines against COVID-19 to have.

($ 1 = 110,3000 yen)

Reporting by Makiko Yamazaki and Rocky Swift; Editing by Susan Fenton and Christopher Cushing

Our Standards: The Thomson Reuters Trust Principles.

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