Japan Post Insurance to Sell $3.7 Billion Shares in Global Deal

(Bloomberg) -- Japan Post Holdings Co.’s insurance unit is conducting a secondary sale of shares held by its parent worth 409 billion yen ($3.7 billion) in a global offering.

In its first sale since its listing in November 2015, Japan Post Insurance Co. plans to sell 112.6 million shares in Japan and 55.5 million shares overseas, the Tokyo-based insurer said in a filing Thursday. Another 24.1 million shares could be offered in an over-allotment, with 16.9 million of those in Japan and the rest abroad, it said.

The insurer is also planning to buy back as much as 50 million of shares for up to 100 billion yen from April 8 to April 12 through ToSTNeT-3, it said.

Japan Post Insurance’s stock has dropped 4.5 percent so far this year, compared with an 8.4 percent increase in the Topix share index.

The joint global coordinators of the deal are JPMorgan Securities Japan Co., Daiwa Securities Co. and Mitsubishi UFJ Morgan Stanley Securities Co.

Other managers include:

• International Tranche: Joint Lead Managers and Joint Bookrunners: J.P. Morgan Securities Plc, Daiwa Capital Markets Europe Ltd., Morgan Stanley & Co. International Plc and Merrill Lynch International
• Japanese Tranche:
  Joint Lead Managers and Joint Bookrunners: Mitsubishi UFJ Morgan Stanley, Daiwa Securities, JPMorgan Securities Japan and Mizuho Securities Co.; Managers: Nomura Securities Co., SMBC Nikko Securities Inc., SBI Securities Co. and Monex Group Inc.

--With assistance from Gearoid Reidy.

To contact the reporter on this story: Ken McCallum in Tokyo at kmccallum4@bloomberg.net

To contact the editors responsible for this story: Andrew Monahan at amonahan@bloomberg.net, ;Marcus Wright at mwright115@bloomberg.net, Russell Ward

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