Invincible Investment Corp.'s board approved the issuance of 887,959 new investment units in a public offering priced at ¥44,118 apiece to raise ¥39.17 billion.
The company will offer 515,017 units domestically and 372,942 units in an overseas offering. The units have a total issue value of approximately ¥44.12 billion, or ¥42,702 apiece. The subscription period will run from Oct. 5 to Oct. 6, with payment and delivery scheduled for Oct. 12 and Oct. 13, respectively.
In a secondary offering, the company will issue 44,398 new units through an overallotment, at an offer price of ¥44,118 per unit and a total offer price of approximately ¥1.96 billion.
New investment units issued through a third-party allotment offer will carry a total issue value of up to roughly ¥1.90 billion, or ¥42,702 per unit. The payment for the unit is scheduled Nov. 1.
Proceeds from the offering will fund the company's acquisition of Japanese hotels, for which agreements were signed in June and September. Any remaining proceeds from the offering will be retained as cash reserve to fund future purchases.
As of Oct. 3, US$1 was equivalent to ¥112.75.