The Japanese medical device maker PHC Holdings Corp is eyeing an IPO that could raise up to $1.6b on the Nikkei 225. The total number of shares offered by PHC will be around 46.5 million — of which 5.8 million will be new and 40.7 million will come from existing shareholders, including the private equity firm KKR & Co. 

PHC was founded back in 1969 and has produced several types of medical equipment, such as diabetes monitoring devices. In 2016, it acquired the diabetes care business from Bayer AG. The company now plans to utilize the money raised from the IPO to expand its production capacity in diagnostic and life sciences.