Nikko Asset Management Co. this week began choosing lead underwriters for an initial public offering, setting up the first debut share sale by a major Japanese asset manager in a decade, three sources said.
Nikko Asset is preparing to list on the Tokyo Stock Exchange as early as March 31, according to the sources. Sumitomo Trust and Banking Co. will sell some of its stake in a global offering, said the sources, who declined to be identified as the process is private.
Japan's equity capital market has started to recover after share sales plunged in the wake of the earthquake in March. The Nikkei 225 stock average has pared losses since the disaster to about 5 percent from as much as 18 percent, and Japan Airlines Co., Tokyo Metro Co. and Tokyo Stock Exchange Group Inc. are among companies looking to sell shares to the public.