Tokyo Metro shares untraded on market debut (updated)
23/10/2024 01:38
(Adds industry comment in paragraph 4)
TOKYO, Oct 23 (Reuters) - Tokyo Metro 9023.T 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
9984.T 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.
(Reporting by Sam Nussey and Miho Uranaka; Editing by
Christopher Cushing)
((mailto:sam.nussey@tr.com;))