I'll make it patently clear now that I have the document in hand. According to official jpx documentation cover has 59,624,200 shares in circulation (privately). I'll round this to 59mil. They will be selling off 12,791,500 stocks initially to the public, and offering 1,500,000 new stocks. Their total stocks after IPO will go from 59mil to 60mil, but the public investors will purchase 13mil of the currently existing shares, so around 23% of the shares will undergo ownership change. The 230,000,000 share number some retards are using, is the total limit that the company can create and offer in it's total lifespan. Currently only 59 mil exist, soon to be 60mil. This 230 upper limit is called 発行可能株式総数, which means total possible offering. The 59mil is 発行済株式総数, which means total offered (in past tense) shares, ie total shares in circulation/existence. In the future hypothetically they could offer up to 230mil shares total, but that would dilute existing share holders value, and usually requires a 株主総会 (shareholder meeting) where majority agrees to finance the company by diluting and offering more shares, obviously with a cap of 230mil. 14/60 = 23% new ownership (to start!!!!). Current owners may choose to sell more shares after 180 days (the document says most significant shareholders are in lockup for 180days excluding the IPO 13mil.) Also, this is standard, not 'low'. For reference the most recent IPO (5246) had 0.2% new offering, 25.7% sell off on IPO. So 25% total ownership change (to public investors). Japanese IPOs, ordered by most recent: 25%, 20%, 10%, 33%, 38%, 52%, 11%, 14% etc, you get the gist. It's a very standard IPO.
