Tokyo Metro Is Said to Announce Share IPO Plan Next Week

(Bloomberg) -- Tokyo Metro Co. is expected to announce on Sept. 20 details of its initial public offering plan that could value the company around ¥700 billion ($5 billion), according to people familiar with the matter.

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The subway operator in Japan’s capital plans to list its shares in late October, said the people, who asked not to be identified as the information isn’t public. Oct. 23 is the most likely listing date, one of the people said.

A Tokyo Metro representative declined to comment.

Tokyo Metro operates nine train lines, and carries on average about 6.52 million passengers per day. Japan’s Minister of Finance now holds 53.42% of the shares and the Tokyo Metropolitan Government the remaining 46.58%.

--With assistance from Yasutaka Tamura, Nao Sano and Takashi Nakamichi.

(Updates with details about the company. An earlier version of the story was corrected to show the monetary figure refers to the company’s market value, not fundraising amount)

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