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TOKYO :Japanese chipmaking equipment maker Kokusai Electric set an indicative initial public offering (IPO) price range of 1,830-1,840 yen ($12.32-$12.39) per share, lower than the previous indicative price of 1,890 yen.
The lower range reflects factors including the view of institutional investors and the state of the stock market, KKR-backed Kokusai said in a regulatory filing on Tuesday.
The lacklustre performance of SoftBank’s Group’s chip designer Arm since its listing last month is one of the factors in the lower pricing, a source familiar with the matter said.
Investors are debating the strength of demand in the chip supply chain amid a slump in the market for smartphones and personal computers, even as companies seen as benefiting from investment in artifical intelligence receive a boost.
Capital Research and Management and Lazard Asset Management have committed to purchase shares at the offer price, Kokusai said in a filing.
($1 = 148.4900 yen)
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