The listings of Japan Post Holdings and its bank and insurance units will seek to raise a combined US$11.5 billion - critical offerings the government hopes will win over retail investors and boost the stock market.
The three initial public offerings represent Japan's biggest privatisation in nearly three decades and will bring to market its largest bank, which is also one of the world's biggest institutional investors, as well as the nation's largest insurance company by asset size.
But scepticism abounds over growth prospects for all three companies with both Japan Post Bank and Japan Post Insurance subject to heavy regulation to protect private sector rivals, while mail services are suffering from declining volume in an internet age.
"I don't imagine managers of active funds will rush to buy shares of Japan Post companies," a fund manager said.
"Rather, depending on the dividend yield, those focused on value stocks are likely to be interested," said the person, declining to be identified as his company is owned by a direct competitor to Japan Post Bank.
About 10 per cent of outstanding shares in each firm will be offered, with Japan Post Holdings' offering aiming to raise US$5.5 billion, while the bank and insurer will seek US$4.8 billion and US$1.2 billion, respectively.