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.
Of a total of 110 active volcanoes in the nation, the Japan Meteorological Agency's Coordinating Committee for Predictions of Volcanic Eruption identified 47 volcanoes in June 2009 that have the possibility of eruption within about a century and therefore need stronger surveillance and supervision. (The Japan News)
Police in Tokyo said Saturday they have arrested a 24-year-old clerk at the Tokyo District Court and a 39-year-old employee of the Bank of Tokyo-Mitsubishi UFJ on suspicion of molesting a woman in her 20s on the subway. (Japan Today)
The summit of Mount Fuji for the first time has been successfully photographed in far-away Kyoto Prefecture, one of 20 prefectures where, given the right conditions, the mountaintop can be viewed. (Japan Times)