Suntory IPO Signals Threat to Demand From Volatile Market
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Suntory Holdings Ltd. set the widest price range for a Japan initial public offering of above $1 billion in at least five years, as market volatility threatens to undermine demand for shares in its soft-drinks unit.
The Tokyo-based Suntory Beverage & Food Ltd. will be priced between 3,000 yen and 3,800 yen, it said in a filing with Japan’s Finance Ministry yesterday. Selling stock at the lower end, 21 percent below the tentative price set in May, would cut more than $1 billion from the maximum $5 billion sought in Japan’s biggest IPO this year.