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CORRECTED- Japan Display gets approval for up to $4 bln Tokyo listing
February 14, 2014 / 6:39 AM / 4 years ago

CORRECTED- Japan Display gets approval for up to $4 bln Tokyo listing

(Corrects planned listing date to March 19, not March 10, in paragraph 5)

TOKYO, Feb 14 (Reuters) - Japan Display Inc, the world’s biggest maker of screens for tablets and smartphones, gained approval for a Tokyo listing next month in an offering expected to be worth up to 409 billion yen ($4 billion).

The deal will enable the government-backed fund that engineered its turnaround to recoup some of its investment. Japan Display said existing shareholders will sell 213.9 million shares.

The screen maker, a supplier to Apple Inc and Samsung Electronics Co Ltd, is also issuing 140 million new shares to raise funds for plant and equipment, hoping to raise some 154 billion yen ($1.51 billion).

There will also be an overallotment of up to 18 million shares.

It set a tentative IPO price of 1,100 yen. It plans to list on March 19.

The company was formed in 2012 from the display units of Hitachi Ltd, Sony Corp and Toshiba Corp . ($1 = 102.1650 Japanese yen) (Reporting by Sophie Knight; Editing by Edwina Gibbs)

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