The World: Tokyo - Jupiter Telecom set for £456 million flotation

The Japanese cable television operator Jupiter Telecom is set to float with an initial public offering worth as much as 92 billion yen (£456 million).

Microsoft, which owns a 13 per cent share in Jupiter, will sell around 2 per cent of its stock through the offering, which is being co-ordinated by Nikko Citigroup and Goldman Sachs.

Jupiter offers cable television and high-speed internet access under the J-Com Broadband brand name.

The IPO will be Japan's second-largest so far this year, eclipsing the advertising conglomerate Hakuhodo DY's debut on the Tokyo Stock Exchange, which raised 27.29 billion yen last month.