Japan LCD screen giant raises $3.2bn in share sale

Japan Display, the world's biggest maker of screens for smartphones and tablets and a key supplier to Apple, said Monday it had raised $3.2 billion in an initial public offering ahead of a listing later this month. An official filing said its offering would be priced at 900 yen per share, at the low end of expectations, with the stock to start trading in Tokyo on March 19. Earlier this month, the liquid crystal display maker said it would sell 140 million new shares between 900 yen and 1,100 yen, while its major private shareholders would offload 213.9 million shares. Pricing at the low end of the range would suggest investor caution, but the firm said demand was strong. Japan Display, set up in 2012 through the merger of Hitachi, Toshiba and Sony's money-losing LCD units, is looking to boost production of small and medium-sized screens in the face of tough competition from South Korean and Taiwanese rivals. The government-backed Innovation Network Corp. of Japan (INCJ) currently holds about a 70 percent share of the firm with the three electronics giants each claiming a roughly 10 percent stake. Apple accounts for nearly a third of Japan Display's revenue, but the firm also deals with other top gadget makers such as Samsung and Microsoft.