TOKYO: Toyota Motor Corp set the price for its "Model AA" class stock at about a 30 percent premium, a regulatory filing showed, as retail investors flocked to the no-risk shares that the automaker hopes will help it secure longer-term shareholders.
Toyota, Japan's top automaker, set the issue price at 10,598 yen compared with the 8,153 yen close on Thursday, putting it the top of the range of 26 to 30 percent it had flagged.
The offering, for which Nomura Securities is the sole underwriter, is set to raise up to 499.17 billion yen ($4.04 billion) from the issuance of 47.1 million shares, the filing showed.
Model AA shares - named after Toyota's first passenger car - are unlisted but carry voting rights.
Investors must hold the shares for five years, after which they can convert them to common stock or sell them back to Toyota at the issue price. The shares carry an annual dividend that rises gradually each year.
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