Japan Display, the largest supplier of screens for smartphones, revealed a price range for its $4 billion initial public offering on the Nikkei exchange in Tokyo.

japan smartphoneIPO price

The move signals a cautious investor stance amid rocky market conditions.

The company said it is seeking a price between ¥900 and ¥1,100 ($8.88 to $10.85) per share for its Tokyo listing.

The final offer price will be revealed this week and the company is set to go public March 19.

$4 billion IPO is below Japan Display’s earlier guidance.

Stiff competition

The company was formed in 2012 from the liquid crystal display units of Hitachi, Sony, and Toshiba, with a Japanese government-backed fund into the combined entity.

It is best known for supplying the screens used in Apple’s iPhone 5S and 5C handsets.

Japan Display faces strong competition from rivals such as LG, Samsung, and others in a market that many worry has changed.