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.
Japan's push to take away overtime from high-paid workers has critics warning it will aggravate a problem synonymous with the country's notoriously long working hours -- karoshi, or death from overwork. (AFP)
The Fukushima District Court on Monday sentenced a 33-year-old man to 18 months in prison, suspended for three years, for distributing naked photos of a female friend-a practice known as revenge porn. (Japan Today)
Tochigi Prefectural Police on Sunday confirmed that a body discovered on a property in Mooka City is that of a 21-year-old woman who went missing last month, reports the Sankei Shimbun. (Tokyo Reporter)
About half of the nation's 47 prefectural and 20 ordinance-designated city governments have prohibited or are considering a ban on drone flights in locations that attract large numbers of people, The Yomiuri Shimbun has learned. (The Japan News)
When you hear the expression "JK business," do you have any idea what kind of work this refers to? JK stands for joshi kōsei (high school girls). In Japan, JK is a very powerful brand - and high school girls are a highly valued commodity. (Japan Times)
The Mito city government is seeking donations from companies and individuals to help restore major parts of Mito Castle: the Otemon main gate, the Ninomaru Sumiyagura watch tower within the outer structures of the castle and the castle walls. (The Japan News)
Okayama Prefectural Police have launched an attempted murder investigation following the shooting of two organized crime members outside a hostess club in Tamano City early Saturday morning, reports the Sankei Shimbun. (Tokyo Reporter)