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| Nintendo Co., Ltd. headquarters in Kyoto, Japan. |
By Jon Scarr
Nintendo has closed the book on the share repurchase covered here last week and taken the next major step in the broader transaction, setting the price for its secondary offering of shares. A series of filings released on March 3 and March 9 complete the picture.
The Repurchase Closed on March 3
The ToSTNeT-3 share repurchase announced on March 2 was completed as planned on March 3, 2026. Nintendo repurchased 11,430,000 shares of common stock for a total of ¥99,921,060,000, right up against the ¥100 billion cap set by the February 27 board resolution. The four sellers who participated were Nomura Trust and Banking Co., Ltd. acting on behalf of the MUFG Bank Retiree Allowance Trust Account (5,816,200 shares), Bank of Kyoto, Ltd. (2,762,500 shares), DeNA Co., Ltd. (1,657,400 shares), and Resona Bank, Limited (151,400 shares).
All 11,430,000 repurchased shares are scheduled to be cancelled on March 31, 2026, representing 0.88% of Nintendo's total issued shares prior to cancellation.
Seller Allocations Shifted After the Buyback Closed
Because those four sellers tendered a portion of their shares directly into the ToSTNeT-3 repurchase, the per-seller breakdown in the secondary offering was updated on March 3 to reflect what remained.
The total number of shares in the secondary offering stayed at 23,665,300, but the individual allocations shifted across the four sellers to account for what had already been sold through the buyback.
Nintendo Locks In the Offering Price at 8,347 Yen
On March 9, Nintendo confirmed the selling price for the secondary offering at 8,347 yen per share, calculated at a 3.01% discount from the March 9 closing price of 8,606 yen. The total value of the offering comes to approximately ¥197.5 billion. An over-allotment of up to 3,549,700 additional shares is also in play at the same price, adding just under ¥29.6 billion if fully exercised.
Delivery for both the main offering and the over-allotment is set for Monday, March 16, 2026.
Overseas Distribution Excludes Both Canada and the U.S.
Of the 23,665,300 shares being distributed, 12,417,200 are going to overseas investors in markets across Europe and Asia. Both the United States and Canada are explicitly excluded from that overseas distribution. This is standard for Japanese securities offerings of this type, but it is worth noting for readers on either side of the border who may be watching Nintendo's investor activity.
The Greenshoe option exercise period and syndicate cover transaction period both run from March 12 through March 27, 2026, giving underwriters a window to stabilize the offering if needed.
Nintendo Is Managing a Lot at Once
The repurchase is done and the shares being cancelled will reduce Nintendo's total share count at the end of March. The secondary offering, which has been in motion since the February 27 board resolution, now has a confirmed price and a delivery date less than a week away. Nintendo is managing a significant capital transaction while the Nintendo Switch 2 is still in its first year on the market and its U.S. tariff lawsuit works its way through court. For the company's corporate team, it is a busy stretch by any measure.
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