UPDATE 1-Japan’s PHC, formerly Panasonic Healthcare, announces $ 1.8 billion IPO


(Added market cap, Japan’s largest IPO this year)

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

In what would be 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 finance ministry said on Tuesday.

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

US private equity firm KKR & Co bought the former healthcare unit of Panasonic Corp as part of a $ 1.67 billion carve-out deal in 2014, when the Japanese electronics conglomerate reshuffled its activities.

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

PHC, with a global workforce of more than 9,700 people, reported sales of $ 2.8 billion in the fiscal year ended March.

Last year, the company increased production of ultra-low temperature (ULT) freezers to meet an estimated 50% increase in demand around the world as health authorities prepared to manage vaccine storage at Delicate mRNAs for COVID-19. ($ 1 = 110.3000 yen) (Reporting by Makiko Yamazaki and Rocky Swift; Editing by Susan Fenton and Christopher Cushing)


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