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TOKYO - Chip equipment maker Kokusai Electric has raised $724.4 million by pricing its shares at the top end of a scaled-back marketing range in Japan's largest initial public offering in five years.
KKR Group-owned Kokusai set its IPO at 1,840 yen per share, a filing showed on Monday, valuing the company at 423.9 billion yen . Kokusai, which manufactures machines that deposit thin films on silicon wafers, last week trimmed the upper end of indicative price range to 1,840 yen from 1,890 yen previously.
The move was partly due to a lacklustre share price performance by chip designer Arm since its listing last month, a source familiar with the matter has said. The shares are scheduled to list on Oct. 25 on the Tokyoexchange's Prime Market. Kokusai's largest customers are Samsung Electronics, TSMC and Micron Technology,collectively accounting for more than 40% of its revenue.
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