Japan's Dai-Ichi Mutual Aims For $11.7B Global IPO

Law360, New York (February 22, 2010, 5:21 PM EST) -- Japan's second-largest life insurer, Dai-ichi Mutual Life Insurance Co., has reportedly announced plans to sell about $11.7 billion in shares, in what would be the country's largest initial public offering in more than 10 years.

The insurer announced the global IPO of nearly ¥1.1 trillion in shares Monday, according to Reuters and other news agencies.

Dai-ichi Life plans to list on the Tokyo Stock Exchange on April 1 after it finishes the process of demutualization, when stock is distributed to policyholders — in this case, more...
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