SBI Sumishin Net Bank ¥57.2 billion IPO
The shares are listed on the Tokyo Stock Exchange
Davis Polk advised the international joint lead managers and joint bookrunners in connection with the initial public offering of 41,468,400 shares of common stock and Tokyo Stock Exchange listing of SBI Sumishin Net Bank, Ltd.
The shares were sold by SBI Holdings, Inc. and Sumitomo Mitsui Trust Bank, Limited as the selling shareholders. The Japanese underwriters have an over-allotment option with respect to 6,220,200 shares. The global offering consisted of an offering in Japan and an international offering outside Japan pursuant to Rule 144A and Regulation S. Assuming full exercise of the over-allotment option, the aggregate proceeds of the global offering will be approximately ¥57.2 billion (approximately $431.5 million).
SBI Sumishin Net Bank is one of the leading internet banks in Japan and offers a range of deposit and personal lending products, including mortgage loans, to consumers.
The Davis Polk corporate team included partner Jon Gray, counsel Christopher Kodama and associates Chihiro Sasaki and Haruka Moriya. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.