Tokyo Metro shares soar in Japan’s biggest IPO in 6 years
Al Jazeera
Japanese subway operator’s shares soar as much as 47 percent in biggest listing since 2018.
The main operator of Tokyo’s sprawling subway network has made a rip-roaring market debut in Japan’s biggest initial public offering (IPO) in six years.
Tokyo Metro Co’s shares soared by as much as 47 percent above their issue price of 1,200 yen ($7.9) on Wednesday, topping 1,760 yen ($11.6) before settling just above 1,700 yen ($11.2).
The listing, which has raised $2.3bn for the subway operator’s government owners, is the biggest market debut since conglomerate SoftBank Group raised $23.5bn with the listing of its mobile phone business in 2018.
The IPO also marks Japan’s first privatisation of a state company since the listing of railway company JR Kyushu in 2016.
Under the listing, the Japanese government and the Tokyo Metropolitan Government each sold half of their stakes.
