Suntory in modest debut, may be Japan's last big IPO this year
Reuters -- Jul 03
Suntory Beverage and Food Ltd (2587.T) managed a modest rise in its debut on Wednesday after a $4 billion IPO, as investors shrugged off volatile markets and rich valuations to buy up what may be Japan's last big corporate listing of 2013.
Suntory's offering, Asia's biggest IPO so far this year and aimed at building up a warchest for overseas acquisitions, is part of a surge in Japanese equity issuance as companies cash in on higher valuations from a rallying stock market.
The rally stalled in mid-May and the market has turned volatile but Prime Minister Shinzo Abe's reflationary policies continue to support less high-profile equity issuance, with advertising firm Dentsu Inc (4324.T) announcing on Wednesday it would tap the market for $1.2 billion in a secondary offering to pay down debt.
"I believe the market can digest more share offerings easily," said Mitsushige Akino, chief fund manager at Ichiyoshi Asset Management. "The market has regained confidence in the long-term upward trend in stock prices."
Suntory Beverage rose to 3,145 yen in its maiden session, up 1.5 percent from the IPO price of 3,100 and defying weak signals from the grey market, where it traded last week at 2,900 yen.
The Japanese government decided on Tuesday to send a mission to Malaysia to cooperate in the search for a missing Malaysia Airlines jet under Japan's law on the dispatch of emergency missions abroad. (Jiji Press )
About 38 miles inland from the plant lies the commercial city of Koriyama, where some of the smallest children barely know what it is like to play outside - fear of radiation has kept them indoors for much of their short lives. (telegraph.co.uk )
At 2:46pm every Japanese television channel paused to remember the dead, cancelling their regularly scheduled programming to show the prayers of Japanese people around the country.
That is, every channel except one. One decided to air Alien: Resurrection instead. (ibtimes.co.uk )
Kochi prefectural police are investigating an incident involving a man who sustained severe injuries after being stabbed several times in the abdomen. Police said they believe the attack is linked to a dispute the victim was having with another man over their children dating. (Japan Today )
Police in Niihama, Ehime Prefecture, are investigating the mutilation deaths of three cats whose bodies were left in a park. Two were found dead in February, and the third was found on Saturday. (Japan Today )
Banging on drums and waving "Sayonara nukes" signs, thousands of people rallied in a Tokyo park and marched to Parliament on Sunday to demand an end to nuclear power ahead of the third anniversary of the Fukushima disaster. (scmp.com )
Fewer than 40 pct of residents and commuters in Tokyo take specific measures to prepare for a possible huge earthquake beneath the Japanese capital, despite high awareness on disaster prevention, a Metropolitan Police Department survey showed Friday. (Jiji Press )