Japan Display plans to raise as much as 200 billion yen ($2 billion) in an initial public offering with a government fund maintaining control after the IPO, Bloomberg reported today citing "a person with direct knowledge of discussions." Government-backed Innovation Network Corp. of Japan will retain more than a third of the company, which will have a market value of as much as 800 billion yen, the report added. The IPO may take place next spring.

"Japan Display wishes to make clear that today's media reports concerning JDI?s plan to list its stock are not based on any statement made by JDI. JDI currently has nothing specific to announce relating to the subject matter of the media reports referred to above, " JDI said in a statement.

Japan Display, which provides panels to Apple, was set up last year when Sony, Hitachi and Toshiba spun off their display businesses to make a strong competitor of S. Korean giants Samsung and LG.

The world's largest maker of LCDs used in mobile devices is expanding a factory that makes panels for smartphones and tablet computers as the yen's weakness helps spur overseas demand.