Tokyo Metro opens a new tab by raising 348.6 billion yen ($2.3 billion) in Japan’s biggest IPO in six years after pricing its IPO at the top of its range, a company regulatory filing showed Tuesday.

The IPO was more than 15 times oversubscribed, two sources familiar with the matter said, as many investors were attracted by a household name and the company’s attractive dividend yield.

The company priced the shares at 1,200 yen apiece, compared with a range of 1,100 to 1,200 yen. It is expected to be listed on the Tokyo Stock Exchange on October 23.

The portion reserved for retail investors, which represents almost four-fifths of the total, was about 10 times oversubscribed, the sources said.

The shares available to domestic and foreign institutional investors, representing 1.5% and 20% respectively, were oversubscribed more than 20 and 30 times, the sources said.

Tokyo Metro declined to comment.

The price gives Tokyo Metro a dividend yield of 3.3% based on its planned dividend of 40 yen per share for the fiscal year ending March 2025.

“It stands out from other private and JR railways,” said Kazumi Tanaka, an analyst at DZH Financial Research.

“In addition to the stability of the rail sector, we can expect growth due to increased inbound traffic,” he added.

The dividend yield of Kyushu Railway (JR Kyushu) (9142.T), which opens in a new tab, listed in 2016, is 2.2%.

Tokyo Metro, one of the capital’s two main subway operators, operates nine subway lines and carried an average of 6.5 million passengers per day in the last financial year.

The company’s businesses include real estate and retail and its operating profit rose 175% to 76 billion yen in the fiscal year ended March.

The central government, which owns 53.4% ​​of Tokyo Metro, and the Tokyo government, which owns the remaining 46.6%, will sell half of their shares in the IPO.

Tokyo Metro is Japan’s largest IPO since SoftBank Group (9984.T), which opened a new tab for its telecommunications unit in late 2018.

Rigaku, a maker of X-ray testing tools backed by Carlyle Group, is also planning an October IPO with pricing to be disclosed Thursday.

Bain Capital scrapped plans for an IPO of chipmaker Kioxia this month after investors demanded a lower valuation than the buyout firm was targeting, Reuters reported.