Japan Display is a supplier of display screens for Apple that is preparing to go public. The company will be offering around 354 million shares.
Japan Display will be selling 77 million new shares that will be trading on the Tokyo Stock Exchange and 63 million new shares to institutional buyers in the U.S. Japan Display will also hold a secondary offering for a total of 213.9 million shares held by existing shareholders.
The pricing will be announced on March 10th. The Japanese offering includes 117.65 million shares and the U.S. offering will be 96.26 million shares. The U.S. shares will be offered by Innovation Network Corporation of Japan, which is a government backed investment fund.
Japan Display will also offer to sell 89.75 million shares in Japan. Sony, Toshiba, and Hitachi will each offer 9.3 million shares in Japan. Japan Display agreed to an over-allotment of 18 million shares.
Japan Display is expected to raise $4 billion and $2.3 billion will go to current shareholders. Japan is expecting raise $1.7 billion, which will be used in the small- to medium-sized display business. Japan Display is the world’s largest maker of smartphone display screens.
The company supplies screens for the Apple iPhone 5s and Apple iPhone 5c. The company also builds display screens for other U.S. and Asian smartphone companies. Japan Display was formed in 2012 through the liquid crystal operations from Hitachi, Toshiba, and Sony. During the 9 months through December, Japan Display posted revenues of slightly under $5 billion. Around 32% of that revenue came from their business with Apple.