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 the geisha quarters of Kyoto's Miyagawacho, training to become a maiko requires around 10 months. During that time, all the young trainees sleep and eat with their proprietress and senior geisha, who are called geiko in Kyoto. Trainees are immersed in what they must learn to work in the geisha quarters. (The Japan News)
A suicide attempt by a 33-year-old Korean male on Saturday lead Tokyo Metropolitan Police to the discovery of his girlfriend's body inside a hotel room in Minato Ward, reports the Asahi Shimbun (May 3). (Tokyo Reporter)
A 1,300-year-old "mokkan" wooden tablet found in the remains of Heijokyu palace with an inscription of "Narakyo (or Naranomiyako)" proves that the Nara name has been used since the ancient capital of Japan was established here in 710, researchers say. (Asahi)
A Thai inquest into the death of a Japanese cameraman during a military crackdown five years ago against protesters ended inconclusively Thursday with the court unable to decide who fired the fatal shot. (Japan Today)
The Tokyo District Court on April 30 sentenced the last Aum Shinrikyo member on the most wanted list to an indefinite prison term for a number of crimes, including the 1995 nerve gas attack in the capital. (Asahi)
MINAMI-SANRIKU, Miyagi Prefecture--Every week, a woman prays in front of the rusted skeletal framework of a building that once housed this town's disaster response center, the site where her husband was swept away by the 2011 tsunami. (Asahi)