Tokyo Metro raises $2.3 bln in Japan’s biggest IPO in 6 years

Tokyo Metro has raised ¥348.6 billion ($2.3 billion) in Japan’s largest initial public offering in six years after pricing its shares at the top of its provisional range, a regulatory filing from the company showed on Tuesday.

The IPO was more than 15 times oversubscribed, said two sources familiar with the matter, as many investors were drawn by a household name and the firm’s attractive dividend yield.

The company priced the shares at ¥1,200 apiece, compared with a provisional range of ¥1,100 to ¥1,200. It is expected to list on the Tokyo Stock Exchange on Oct. 23.