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.
In an effort to expand upon the "Cool Japan" initiative, a program intended to broaden foreign tourists' knowledge and understanding of Japanese culture and industries, a committee of specialists has submitted a proposal that includes establishing "special English zones" in large cities where English would be one of the officially spoken languages. (Japan Today)
The death toll from landslides in Hiroshima increased to 70 on Wednesday, while 18 people remained missing after the first of the rain-induced landslides hit the northern part of the western Japan city on Aug. 20. (Jiji Press)
The National Police Agency and Ministry of Internal Affairs and Communications plan to assign an extra 3,000 officers over the next three years to deal with stalking and bank transfer fraud cases which are increasing. (Japan Today)
A Japanese district court ordered Tokyo Electric Power Co. on Tuesday to pay some 49 million yen in compensation over the suicide of an evacuee from the March 2011 nuclear accident at the company's Fukushima No. 1 power plant. (Jiji Press)
Thai police said Monday (Aug 25) they have questioned five women who were paid up to US$12,500 each by a Japanese man known to them as "Jack" to act as surrogate mothers. The case emerged after nine babies were found with nannies in a Bangkok apartment. (channelnewsasia.com)