Toyota Motor Corporation and Daimler Truck AG are cashing out a large chunk of their holdings in ARCHION Co. (TSE Prime: 543A), a transportation-equipment sector issuer, at a preliminary price of ¥250 to ¥300 per share. The two carmakers are the named sellers behind the offering, which their boards cleared for launch on July 6.
The headline number is 787,855,700 shares, or roughly 788 million, before any extra allotment. Of that, 425,442,100 shares are earmarked for domestic buyers and 362,413,600 for the international tranche, a near-even split between Japan and overseas investors. Underwriters also hold an over-allotment option covering up to a further 118,178,300 shares, which can shrink or disappear entirely depending on how strong domestic demand turns out to be.
| Item | Detail |
|---|---|
| Preliminary price range | ¥250 to ¥300 per share |
| Total shares offered (excluding over-allotment) | 787,855,700 shares |
| Domestic tranche | 425,442,100 shares |
| Overseas tranche | 362,413,600 shares |
| Over-allotment option (cap) | Up to 118,178,300 shares |
| Pricing decision window | July 22 to July 27, 2026 |
| Settlement window | July 29 to August 3, 2026 |
The price range is only preliminary. The actual sale price will be fixed on a single day between July 22 and July 27, using a method set under Japan Securities Dealers Association rules that accounts for demand at the time. One hard constraint is already locked in: whatever price is chosen cannot exceed 95% of ARCHION's closing price on the Tokyo Stock Exchange that same day, rounded down to the nearest yen. That discount mechanic is standard for large secondary offerings and gives underwriters room to place the block without chasing a moving market.
Once the price is set, domestic investors get a short window, from the next business day through two business days later, to place orders. Settlement follows five business days after the pricing decision, landing somewhere between July 29 and August 3. The over-allotment shares, if used, settle on the same schedule.
What is not yet known is the number that will matter most to ARCHION's free float and to Toyota and Daimler Truck's remaining stakes: the exact final price and the final split between the domestic and overseas books. Both depend on the bookbuilding process still to come, and the disclosure is explicit that the split announced now is provisional pending demand.