The government received orders for all the shares it is offering in Japan Post Holdings Co. and its banking and insurance units after the first two days of book-building, people with knowledge of the matter said.
Investor orders through Oct. 9 for shares in the holding company and the bank exceeded the number being offered, while the insurer was several times covered, one of the people said, asking not to be identified because the information is confidential.
The early interest indicates Japan Post will raise at least ¥1.19 trillion from the IPO, based on the low end of price ranges announced last week, according to Bloomberg calculations. The demand may make it easier for the postal group to price the offering at the top end of the range, which would raise ¥1.44 trillion and amount to the country's biggest privatization since 1987.