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The story
JR-West was incorporated as a business corporation (kabushiki kaisha) on April 1, 1987, as part of the breakup of the state-owned Japanese National Railways (JNR). Initially, it was a wholly owned subsidiary of the JNR Settlement Corporation (JNRSC), a special company created to hold the assets of the former JNR while they were shuffled among the new JR companies.
For the first four years of its existence, JR-West leased its highest-revenue line, the Sanyō Shinkansen, from the separate Shinkansen Holding Corporation. JR-West purchased the line in October 1991 at a cost of 974.1 billion JPY (about US$7.2 billion) in long-term debt.
JNRSC sold 68.3% of JR-West in an initial public offering on the Tokyo Stock Exchange in October 1996. After JNRSC was dissolved in October 1998, its shares of JR-West were transferred to the government-owned Japan Railway Construction Public Corporation (JRCC), which merged into the Japan Railway Construction, Transport and Technology Agency (JRTT) as part of a bureaucratic reform package in October 2003. JRTT offered all of its shares in JR-West to the public in an international IPO in 2004, ending the era of government ownership of JR-West. JR-West is now listed on the Tokyo Stock Exchange, Nagoya Stock Exchange, Osaka Securities Exchange and Fukuoka Stock Exchange.
From Wikipedia’s article on West Japan Railway Company, shared under CC BY-SA 4.0.4