World: Tokyo - Hakuhodo to float on Japanese stock market

Hakuhodo has won approval for a Tokyo stock market listing that will raise an expected $259 million for shareholders.

Japan's second-biggest advertising agency will make its market debut on 16 February, by which time more than four million shares will have been sold by existing shareholders. No new share offering is planned and the initial offering is smaller than analysts expected. Nikko Citigroup will manage the offering.

Hakuhodo is approximately half the size of Dentsu, Japan's biggest agency.

In 2003, Hakuhodo commanded a 17 per cent share of Japan's $59 billion advertising market, well below Dentsu's 26 per cent.