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Japan's Seven Bank Raises $481m in IPO

Investors responded favorably to the offering by the company, which provides ATM services to the operator of 7-Eleven convenience stores

It was good news for the Japanese equity markets when Seven Bank priced its initial public offering at the top of the indicated range last week. Seven Bank isn't a bank but a provider of ATM services affiliated with Seven & I, the operator of the 7-Eleven convenience store network. The company is due to start trading on the Jasdeq board on February 29.

Each share will be sold for ¥140,000, raising a total of ¥50.9 billion ($481 million) and making this the biggest Japanese IPO since the $3 billion listing of Sony Financial in October last year. The shares were offered in range between ¥120,000 and ¥140,000 apiece. Seven Bank will receive just $68 million of the proceeds, however, which it will use to expand its ATM network. The company will sell treasury stock, rather than new shares. The rest of the money will go to 26 shareholders selling down their stakes.