TOKYO (Oct 25): Kyushu Railway Co shares rose on their first day of trading in Tokyo after Japan’s government raised 416 billion yen (US$4 billion) selling its entire stake in an initial public offering. The stock climbed as much as 20% to 3,120 yen before trading at 3,010 yen as of 10:04am in Tokyo. JR Kyushu won’t get any money from the offering that was marketed in a range of 2,400 yen to 2,600 yen. The IPO followed debuts in the 1990s by East Japan Railway Co and Central Japan Railway Co after the breakup of state-run Japan Railways in 1987. Nomura Holdings Inc, Mitsubishi UFJ Morgan Stanley Securities Co and JPMorgan Chase & Co were the global coordinators for the JR Kyushu IPO, while SMBC Nikko Securities Inc and Goldman Sachs Group Inc also led the global offering.

Source: The Edge Markets October 25, 2016 03:22 UTC