Fuji TV names its price

TOKYO — The initial price for Fuji Television Network Inc. (Fuji TV) stock has been set at 550,000 yen ($4,782), Reuters reported Tuesday. The network will go public Aug. 8, with a listing on the first section of the Tokyo Stock Exchange (TSE).

Exchange officials declined to confirm the list price of the Fuji TV shares. Fuji TV will offer 84,000 new shares for its public listing. It has already issued 30,500 shares.

In order to help finance the debt incurred in building a new office and broadcasting facility, Fuji TV has applied for listing on the Tokyo exchange. Fuji is expecting to raise about $722 million by going public. Fuji will join Nippon Television (NTV) and Tokyo Broadcasting System as the other major Japanese networks listed on the TSE.

The new office and broadcasting facility were built at a cost of $1.3 billion.

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