The strong demand for Dai-ichi Mutual Life Insurance Co.'s initial public offering could provide a fresh investor base for other companies considering going public to tap into, in what is developing to be a bumper year for Japanese IPOs, says the Wall Street Journal.
The newspaper says Dai-ichi's IPO, an offering that could be worth more than $17 billion, was oversubscribed, as Japanese households jumped at the chance to buy a piece of the company.
According to the Journal, Tokyo's next major listing is by drug maker Otsuka Holdings Co. which is expected to come to market in the second half of the year. The IPO is valued at more than $10 billion.
Citing data provider Dealogic, the Journal says there have been five completed IPOs this year. There will likely be 30 to 40 before the year is over, compared with just 20 last year, reveals the Journal, quoting bankers.