TOKYO (AFP) - Japans Dai-ichi Mutual Life Insurance Co. is headed for a market capitalisation of 15.5 billion dollars after its April 1 initial public offering, the worlds biggest since Visas in 2008. Japans second-biggest life insurer will be listed at the start of next month as it will be demutualised to become a joint stock company. Facing a declining home market due to Japans ageing and shrinking population, the company is raising funds for expansion, including in emerging Asian markets such as India, Thailand and Vietnam. The Tokyo-based company on Tuesday set the offering price at 140,000 yen (1,550 dollars), the middle of its previously announced tentative price range, for the 10 million shares, for a total of 1.4 trillion yen. Of these, about 7.2 million shares will be released to retail investors, raising 1.01 trillion yen, or 11 billion dollars, with some 5m shares sold domestically and over two million overseas, the company said. The remainder will be allotted to existing Dai-ichi policy-holders. The IPO is set to be the worlds largest since Visas 19.7-billion-dollar offering in March 2008. It will be Japans biggest in more than a decade, since Nippon Telephone and Telegraph released shares in its mobile phone operator NTT DoCoMo in 1998, which came to 2.1 trillion yen. Dai-ichi Mutual has decided to list the company, which is currently a mutual corporation owned by its eight million customers, so that it will be able to secure funds for investment in domestic and overseas operations. With funds obtained through the market, Dai-ichi can strengthen its health and pension insurance businesses, said Masahiko Miwa, analyst at Moodys Japan. It will also be able to expand its business overseas. If Dai-ichi succeeds in taking advantage of the listing, its rivals may follow suit. The looming IPO has already created ripples at the Tokyo Stock Exchange, said Hirokazu Fujiki, analyst at Okasan Securities. Some investors have started selling their own shares to cash in for planned purchases of Dai-ichi, which may send overall prices down temporarily, he said. But in the long run, the listing is expected to activate Japans equity market and will have a positive impact on the entire Japanese economy. Mizuho Securities, Merrill Lynch Japan and Nomura Securities are the lead underwriters for the IPO in Japan. Mizuho Financial Group Inc. would acquire a 5.6 percent stake in Dai-ichi, Sompo Japan Insurance Inc. 4.0 percent and the Bank of Tokyo-Mitsubishi UFJ 2.2 percent, Kyodo News reported earlier. The joint lead managers overseas are Merrill Lynch International, Mizuho International, Nomura International and Goldman Sachs International, said Dow Jones Newswires.