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.
A total of six ruling and opposition parties resubmitted to the House of Representatives a bill to revise the Public Offices Election Law and to lower the voting age to 18 or older from the current 20 or older. The bill is highly likely to pass at the current Diet session. (The Japan News)
The popular "pear fairy" cartoon mascot Funassyi held its first press conference with the foreign media in Tokyo on Thursday, saying its unlikely path to success is a symbol of the country's admiration of perseverance in the face of adversity. (Japan Times)
One of the two 17-year-olds arrested over the killing of a 13-year-old boy last month along the Tama River in Kawasaki has admitted to harming the victim but said he was only following the orders of an older teenager also in custody, investigative sources said Thursday. (Japan Times)
One of the things that makes Japan such a compelling place is the country's long cultural history. The upkeep of centuries-old buildings can be extremely expensive, however, especially since traditional Japanese architecture is mainly wood, reed, and paper, which aren't exactly the sturdiest building materials. (rocketnews24.com)
A total of 706 incidents linked to "dangerous," or quasi-legal, drugs were detected by police in Japan in 2014, up 5.6-fold from the preceding year, the National Police Agency said Thursday. (Jiji Press)
A report released Wednesday by the International Narcotics Control Board revealed that Mexican drug cartels have extended their reach to Japan, where methamphetamine seizures have doubled compared to the previous year. (UPI)
Japan's idol world is quite…expansive, for lack of a better word. Even with the wide variety of groups running around, it can be hard to really tell them apart-though we have to say there was no mistaking Osaka's Obachaaan for any other group. (rocketnews24.com)
Microsoft Corp. cofounder Paul Allen said on Twitter Tuesday the Imperial Japanese Navy's World War II battleship Musashi has been found at the bottom of the Sibuyan Sea off the central Philippines. (Jiji Press)