Japan Display denies planned IPOThe world's biggest maker of LCD screens for smartphones and tablet computers, Japan Display Inc., has denied media reports that it plans to raise $2 billion in an initial public offering (IPO).
Formed last year out of the loss-making liquid crystal display units of the country's biggest electronics firms - Hitachi, Toshiba and Sony - Japan Display said in a statement that it "wishes to make clear that today's media reports concerning JDI's plan to list its stock are not based on any statement made by JDI".
"JDI currently has nothing specific to announce relating to the subject matter of the media reports referred to above," it added.
According to reports, the planned share sale would give the firm a market value of 700-800 billion yen.
It would reportedly use the funds to boost production of small and medium-sized screens.
Japan Display, which faces fierce competition from the likes of Samsung and AU Optronics, is the global leader in the production of small and mid-sized LCD displays, with nearly 17 percent of the worldwide market, according to U.S.-based NPD DisplaySearch.
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