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 16-year-old girl in the city of Sasebo, Nagasaki Prefecture, suspected of killing and dismembering a high school classmate did not hold a grudge against the victim, investigative sources said Tuesday, retracting an earlier view that there may have been personal problems between the two. (Japan Times)
A record high 13.5 percent of existing housing units in Japan were vacant as of last Oct. 1, up 0.4 percentage point from five years earlier when the survey was last conducted, the government said Tuesday. (Kyodo)
McDonald's Holdings Co. (Japan) apologized Tuesday for a recent scandal over chicken meat provided by a Chinese producer, promising to do "whatever it takes" to ensure the safety of food on its menu. (Kyodo)
On July 7, Tokyo Metropolitan Police arrested 30-year-old Ikki Jin for allegedly slipping a sleeping powder into an alcoholic drink consumed by a 23-year-old male and robbing him of a total of 350,000 yen in cash and valuables in February. (Tokyo Reporter)
Coverage of Hyogo prefectural assemblyman Ryutaro Nonomura's July 1 televised tantrum is finally winding down in the mainstream media. But on the Internet, where a YouTube video of his press conference registered over 2 million views in just two days, it's still going strong. (Japan Today)
During her first court hearing at the Tokyo District Court last week, Kasumi Tochinai, a former employee at staffing agency Pasona who has been charged with possession and use of stimulant drugs, came up with a few creative explanations for how she could have tested positive for illegal chemicals in her system. (Tokyo Reporter)
A series of anonymous murder confessions were posted on the popular 2channel Internet forum Saturday evening, prompting police to investigate their possible link with the death and dismemberment of 15-year-old Aiwa Matsuo in Sasebo, Nagasaki Prefecture. (Japan Times)
Eleven people died, one person remains unconscious and two are missing after water-related accidents across Japan over the weekend, police and Fire and Disaster Management Agency officials said Monday. (Japan Today)