Rigaku shares slide 4% in market debut (updated)
25/10/2024 01:29
(Adds executive comment, details of share movements)
TOKYO, Oct 25 (Reuters) - Rigaku's 268A.T shares fell
4% in early trading in their market debut on Friday, after the
Japanese X-ray testing tool maker raised $863 million in its
initial public offering.
Shares opened at 1,205 yen ($7.94) after initially being
untraded with a glut of sell orders.
Rigaku, which is backed by buyout firm Carlyle Group CG.O ,
priced the IPO at 1,260 yen per share, at the top end of a 1,230
to 1,260 yen range.
Carlyle announced in January 2021 it was acquiring a roughly
80% stake in Rigaku through its fourth Japan buyout fund, with
the company saying it planned to list in the coming years.
"Rigaku has experienced significant growth over the past
four years, leveraging the benefits of working alongside a
global financial sponsor," said Rigaku CEO Jun Kawakami in a
statement.
On Wednesday, shares in subway operator Tokyo Metro 9023.T
popped 45% in their market debut after Japan's largest IPO in
six years bagged it $2.3 billion with the lure of sizeable
dividends.
($1 = 151.7600 yen)
(Reporting by Sam Nussey; Editing by Muralikumar Anantharaman
and Christopher Cushing)
((mailto:sam.nussey@tr.com;))