TOKYO (Kyodo) -- Tokyo Metro Co., a major subway operator in Japan, said Tuesday that it has priced its initial public offering at 1,200 yen ($8) per share amid strong interest from domestic and overseas investors.

The subway operator is scheduled to list on the Tokyo Stock Exchange's top-tier Prime Market on Oct. 23. The company's market value will be around 700 billion yen based on the offering price, making it one of Japan's biggest IPOs in the past decade.

Currently, the central and Tokyo metropolitan governments hold all of the operator's shares. A combined 50 percent will be sold by the time of the listing. The indicative price per share was set within a range of 1,100 to 1,200 yen.

Proceeds from the national government's sale of Tokyo Metro's shares are slated to be used to fund reconstruction projects following the devastating earthquake and ensuing tsunami that struck northeastern Japan in March 2011.