The deal is the largest Japanese IPO since 2018 

Davis Polk advised the international joint lead managers and joint bookrunners in connection with the initial public offering of 290,500,000 shares of common stock and Tokyo Stock Exchange listing of Tokyo Metro Co., Ltd.

The shares were sold in Japan’s first privatization since 2016, with the Government of Japan and the Tokyo Metropolitan Government as the selling shareholders of 50% of Tokyo Metro’s common stock. The global offering consisted of a public offering in Japan and an international offering outside Japan pursuant to Rule 144A / Regulation S. The aggregate proceeds of the global offering were approximately ¥348.6 billion (approximately $2.3 billion). Tokyo Metro’s IPO is the largest Japanese IPO since Softbank Corp.’s IPO in 2018, in which Davis Polk was also involved.

Tokyo Metro is one of the largest passenger railway companies in Japan. It operates a core part of the railway network in Tokyo and carries approximately 6.5 million passengers per day. The sale by the Government of Japan and the Tokyo Metropolitan Government is viewed as a significant step forward toward the ultimate goal of complete privatization.

The Davis Polk corporate team included partners Jon Gray and Christopher Kodama, counsel Chihiro Sasaki and associates Paul Lee and Akiko Okamoto. Counsel Alon Gurfinkel and associates Kelli A. Rivers and Ya Sheng Lin provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.

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