Could Sony Financial re-open JapanÆs IPO market?

JPMorgan and Nomura pull off an unlikely coup as Sony's insurance unit raises $3 billion in a deal that could stimulate JapanÆs stagnant IPO market.

The listing of Sony CorporationÆs insurance unit has surprised its detractors, pricing at the top of its Ñ380,000-Ñ400,000 $3,281-$3,453 range earlier this week. The price represents a 5%-8% premium depending on which valuation method is used to the only other listed Japanese life insurance company, TD Holdings.

A total of 800,000 shares in Sony Financial were sold, of which 75,000 were new. After the 70,000 share greenshoe is exercised, Sony will have sold a full 40% of its subsidiary....

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