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 Diet, Japan's parliament, on Thursday enacted revisions to the My Number law to link the new national identification numbers to bank accounts on a voluntary basis from 2018 and to basic pension numbers by May 2017. (Jiji Press)
Japan's government and ruling camp are considering unifying liquor tax rates on beer and quasi-beer that now depend on the amount of malt the beverages contain, informed sources said Thursday. (Jiji Press)
The North Pacific Fisheries Commission on Thursday agreed to take steps to curb an increase in saury fishing boats to help protect fish stock in northern Pacific waters over the long term. (Jiji Press)
The town of Taiji in Wakayama Prefecture began its controversial dolphin hunt on Thursday after bad weather delayed the start, according to a local fisheries official, while a separate whaling hunt is due to start at the weekend. (Japan Today)
Police charged 689 people in January-June for the possession, smuggling and use of government-designated "dangerous" drugs, or quasi-narcotics, and related crimes and accidents, the National Police Agency said Thursday. (The Japan News)
Police investigating the murder of a 25-year-old woman in her apartment in Tokyo's Nakano Ward last week, said pieces of a man's skin were found under her fingernails. However, police said a DNA analysis was unable to match it with any of the victim's male acquaintances, Fuji TV reported Thursday. (Japan Today)
Osaka Prefectural Police on Wednesday announced the arrest of a 20-year-old university student for the theft of two sports cars, one of which was used at a racing circuit, reports the Asahi Shimbun (Sep. 3). (Tokyo Reporter)
After a week of speculation, law enforcement said on Tuesday that Japan's largest crime syndicate has chosen to expel 13 affiliate groups, a move that essentially results in the dissolution of the gang, reports the Kobe Shimbun (Sep. 1). (Tokyo Reporter)
Chiba Prefectural Police on Wednesday busted a hostess club in Chiba City for licensing violations, with the business being a source of revenue for organized crime, reports TBS News (Sep. 2). (Tokyo Reporter)