TOKYO, Oct. 23 (Xinhua) — Shares of Tokyo Metro Co. surged on the first day of trading, closing at 1,739 yen (about 11.4 U.S. dollars) after opening at 1,630 yen on the Tokyo Stock Exchange’s top-tier Prime Market Wednesday.
The share price of Asia’s oldest subway operator briefly surged 47.3 percent above the offering price of 1,200 yen, sending its market capitalization beyond 1 trillion yen in Japan’s biggest initial public offering since 2018.
Tokyo Metro, the country’s second-largest railway company by passenger volume, drew massive buy orders primarily from individual investors due to its stable earnings and favorable dividend yield, analysts said.
Meanwhile, Tokyo stocks ended lower Wednesday, as buying of exporters on a weaker yen failed to dispel concerns about the uncertainties of the upcoming general election in Japan.
Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 307.10 points, or 0.80 percent, from Tuesday at 38,104.86. The broader Topix index, meanwhile, finished 14.51 points, or 0.55 percent, lower at 2,636.96.
Market watchers here noted that the strong demand for Tokyo Metro shares failed to have any noticeable impact on the broader market despite its strong debut.
