Tokyo Metro Shares Untraded on Market Debut
10:16 JST, October 23, 2024
TOKYO (Reuters) – Tokyo Metro saw its stock untraded on its Tokyo market debut on Wednesday with a glut of buy orders in early trade.
Tokyo Metro, one of the capital’s two major subway operators, raised $2.3 billion after pricing its initial public offering at the top of an indicative range at 1,200 yen apiece.
The IPO was more than 15 times oversubscribed, Reuters has reported, with investors drawn to a household name with an attractive dividend yield.
“The listing of a large company familiar to individual investors has a large merit in broadening the investor base,” Toshio Morita, CEO of the Japan Securities Dealers Association and former president of Nomura Securities, said last week.
Tokyo Metro forecasts a dividend of 40 yen per share for the financial year ending March 2025 and has appealed to investors with perks such as toppings at the noodle eateries it operates.
The IPO is the largest in Japan since SoftBank Group listed its telecoms unit in late 2018.
Rigaku Holdings, a maker of X-ray testing tools, raised $863 million in its IPO after pricing shares at the top of the range and will debut on Friday.
There have been $4.9 billion worth of IPOs year to date in Japan, LSEG data shows, the largest amount in six years.
"News Services" POPULAR ARTICLE
-
New Rules Drive Japanese Trucking Sector to the Brink
-
Nikkei Closes Lower as Chip Stocks Drag, Investors Focus on Earnings (Update 1)
-
G-Shock Watchmaker Casio Delays Earnings Release Due to Ransomware Attack
-
North Korea Long-Range Ballistic Missile Test Splashes Down between Japan and Russia (UPDATE 1)
-
Japan’s Nikkei Stock Closes at 2-week Peak as Tech Shares Track Nasdaq Higher (Update 1)
JN ACCESS RANKING
- Streaming Services Boost Anime Popularity Overseas; Former ‘Geeky’ Interest More Beloved Among Gen Z than 3 Major U.S. Sports
- G20 Sees Soft Landing for Global Economy; Leaders Pledge to Resist Protectionism as Trump Calls for Imported Goods Flat Tariff
- 2024 POLLS: Ruling Camp Likely to Win Lower House Majority
- Chinese Social Media Still Full of Anti-Japanese Posts 1 Month After Boy’s Fatal Stabbing; Malicious Videos Gain Large Number of Views
- Chinese Rights Lawyer’s Wife Seeks Support in Japan; Sophie Luo Calls for Beijing to Free Ding Jiaxi, Xu Zhiyong