Simpson Thacher Represents Dai-ichi Life Insurance in $11 Billion IPO
04.01.10
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The Tokyo office of the Firm recently represented The Dai-ichi Life Insurance Company, Limited in connection with its demutualization and initial public offering on the Tokyo Stock Exchange and global offering to institutional investors pursuant to Rule 144A and Regulation S.
The $11 billion IPO was the largest in Japan since the $18.4 billion IPO of NTT DoCoMo in October 1998 and the largest in the world since the $19.7 billion IPO of Visa Inc. in March 2008.
Established in 1902 as Japan’s first mutual life insurance company, Dai-ichi Life is the second largest private sector life insurer in Japan, as measured by total assets and premium income, and had 8.2 million policyholders as of March 31, 2009.
The international offering was led by Merrill Lynch International, Nomura International plc, Mizuho International plc and Goldman Sachs International.
The Simpson Thacher team for the transaction included Alan Cannon, Robert Laplante and Ikuko Horikawa in Tokyo and Amie Broder in New York.