Mizuho Financial Group is set to raise 516 billion $5.50 billion in total proceeds, including a greenshoe amounting to 36 billion, after selling just under 3 billion of new common stock, according to the company's website. The fundraising comes after Sumitomo Mitsui Financial Group's SMFG $8.8 billion follow-on in June, which was the largest-ever capital raising exercise in Japan's banking sector, and Mitsubishi UFJ Financial Group's MUFG $4.5 billion follow-on in December.
Bank of America Merrill Lynch, Goldman Sachs, J.P. Morgan, Mizuho Securities, Morgan Stanley, Nomura and UBS are acting as underwriters on Mizuho's deal.
The offer price was fixed at 184 per share, which represents a 3.16% discount to Wednesday's closing price...
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