Kyushu Railway Company’s $3.9 Billion Initial Public Offering


Simpson Thacher recently represented Kyushu Railway Company (“JR Kyushu”), as issuer, and Japan Railway Construction, Transport and Technology Agency, as selling shareholder, in connection with JR Kyushu’s ¥416 billion (US$3.9 billion) initial public offering on the Tokyo Stock Exchange, including an international offering to institutional investors in reliance on Rule 144A and Regulation S.

JR Kyushu is the largest passenger railway company in the Kyushu region of Japan, serving all seven prefectures in the region, and operates a wide variety of complementary businesses centered around its railway network, including its real estate, retail, restaurant and construction businesses.

The international joint lead managers for the international offering were J.P. Morgan Securities plc, Morgan Stanley & Co. International plc and Nomura International plc.

The Simpson Thacher team for the transaction included Taki Saito (Picture), Nirav Mehta and Lowell Battles (Capital Markets – Tokyo); and Jonathan Cantor and Jasmine Hay (Tax – New York).

Involved fees earner: Takahiro Saito – Simpson Thacher & Bartlett; Nirav Mehta – Simpson Thacher & Bartlett; Lowell Battles – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Jasmine Hay – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Kyushu Railway Company; Japan Railway Construction, Transport and Technology Agency;