Japan Airport Terminal, which operates Haneda Airport's passenger terminal buildings, has fixed the price and size of a secondary share sale first approved by its board on August 24, 2026, closing a pricing gap that had left the deal's overseas leg undetermined for more than a week.
An amended extraordinary report filed with the Kanto Local Finance Bureau on September 2 set the terms for the slice of the offering marketed to institutional investors in Europe and Asia, excluding the United States and Canada. That overseas tranche covers 2,537,200 shares at a sale price of ¥5,577 each and an underwriting price of ¥5,347 each, for a total of ¥14.15bn. Settlement is fixed for September 9, 2026, tightening a window that the original filing had left open across five business days after pricing.
The overseas allocation sits inside a larger bought-deal offering of 10,028,400 shares that a same-day notice to the Tokyo Stock Exchange priced at the same ¥5,577 per share, for total proceeds of ¥55.93bn. Underwriters bought the stock at ¥5,347 a share, a combined ¥53.62bn, and the ¥5,577 sale price is a 3.01% discount to the September 2 closing reference price of ¥5,750. A separate over-allotment tranche adds 1,504,200 shares at the same price, worth ¥8.39bn, backed by a greenshoe option underwriters can exercise through September 28.
| Tranche | Shares | Price per share | Total value | Settlement |
|---|---|---|---|---|
| Base offering (bought-deal) | 10,028,400 | ¥5,577 | ¥55.93bn | Sept 9, 2026 |
| Overseas allocation (within base) | 2,537,200 | ¥5,577 | ¥14.15bn | Sept 9, 2026 |
| Over-allotment | 1,504,200 | ¥5,577 | ¥8.39bn | Sept 9, 2026 |
Investors had a two-day application window, September 3-4, to subscribe to the base and over-allotment tranches, with settlement for both due September 9, the same date the overseas allocation settles. Syndicate cover trading, which lets underwriters buy back stock in the market to manage their position, runs September 5-28.
The same amendment also required conforming corrections to two of Japan Airport Terminal's standing securities shelf registrations, updating each to note that the amended extraordinary report now serves as its reference document: a corporate bond program with a ¥20bn issuable ceiling, running through March 2028, and a warrant securities shelf capped at ¥186.29mn including exercise proceeds, running through April 2027. Neither correction changes the amount or terms of those programs; both simply update their paperwork trail to point to the September 2 filing.
With pricing fixed, the remaining calendar is short: settlement across every tranche falls on September 9, and the deal's final size stays open until the greenshoe window closes on September 28.