stock market: The Fukuoka-based firm, known as JR Kyushu, starts trading on the Tokyo Stock Exchange next Tuesday after an IPO set to raise ¥416 billion, according to The Japan Times. JR Kyushu, the world third-largest IPO so far this year, is part of Prime Minister Shinzo Abe efforts to encourage citizens to invest some of their ¥1,700 trillion household savings in the stock market. The rail operator changed hands at ¥2,800 and ¥2,850 a share on Tuesday, a gain of as much as 9.6 percent compared with its initial public offering price of ¥2,600 set Monday, the traders said, asking not to be identified because of company policy. Shares of Line Corp., Japan second-largest IPO in 2016, also jumped in the gray market before starting trading on the Tokyo Stock Exchange, where they closed up 32 percent on their first day. The railway operator will not get any money from the offering. Japan is selling all 160 million shares held by the Japan Railway Construction, Transport and Technology Agency, which fully owns JR Kyushu.
(news.financializer.com). As
reported in the news.
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