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 Kawasaki city government announced Tuesday that it will not permit the use of municipal parks for a planned demonstration in the city in June, characterizing the planned event as hate speech. (the-japan-news.com)
The number of people who committed suicide in Japan in 2015 decreased 1,402 from the previous year to 24,025, staying below 30,000 for the fourth consecutive year, a government white paper said Tuesday. (Jiji Press)
A Tokyo court sentenced former Japanese baseball star Kazuhiro Kiyohara on Tuesday to two years and six months in prison, suspended for four years, for possessing, using and purchasing illegal drugs. (Japan Today)
Police in Yashio, Saitama Prefecture, have arrested a 39-year-old woman on suspicion of attempted murder after she attacked her 14-year-old son following a dispute over changing the TV channel.
Two Japanese men were arrested Tuesday for allegedly stealing money from an ATM as part of the coordinated nationwide heist that netted over a billion yen a little more than two weeks ago. (Japan Times)
Fukuoka Prefectural Police are investigating a 29-year-old female sex worker already in custody for attempted murder in a separate case in which an acquaintance fell to her death from a bridge, reports the Sankei Shimbun. (Tokyo Reporter)
The Japanese government said on Monday it was doing all it could to secure the release of a Japanese journalist being held hostage by an al-Qaida affiliate in Syria, after an apparent photograph of the man was posted on the Internet. (Japan Today)