Japan’s Lead Real Estate Co
By Colin Kellaher
Lead Real Estate Co., a Tokyo-based developer of luxury residential properties, on Thursday filed with the U.S. Securities and Exchange Commission for an initial public offering of 2 million American depositary shares at an expected price of $12 to $15 apiece.
At the $13.50 midpoint of that range, Lead said it expects net proceeds of about $22.4 million, or roughly $26.2 million if the underwriters exercise their option to buy an additional 300,000 ADSs.
Lead develops single-family homes and condominiums across Tokyo and Kanagawa prefecture and also operates hotels in Tokyo and leases apartment building units to customers in Japan and Dallas, Texas.
The company said it plans to use about half of the proceeds from the offering for domestic business expansion, including expanding its condominium development and sales in Japan, and about 30% for the development of its Glocaly interactive media platform.
Lead said Eiji Nagahara, its president and chief executive, will beneficially own more than 80% of its aggregate voting power after the IPO.
The company said it has applied to list its ADSs on the Nasdaq Global Market under the symbol LRE.
Write to Colin Kellaher at colin.kellaher@wsj.com
