By Kosaku Narioka
Kokusai Electric shares rose sharply on their first day of trading on the Tokyo Stock Exchange, following an $830 million initial public offering.
The shares opened at 2,116 yen on Wednesday morning, or 15% higher than the initial public offering price of Y1,840. The shares were recently at Y2,154.
Kokusai Electric, a Japanese maker of equipment used in semiconductor production, didn’t issue new shares. An entity run by U.S. investment company KKR held a majority stake prior to the IPO. The entity offered a total of 67.7 million shares valued at Y124.57 billion ($831.0 million) to public investors.
Kokusai Electric’s total outstanding shares is 230.4 million, according to the Tokyo Stock Exchange.
Write to Kosaku Narioka at [email protected]
By Kosaku Narioka
Kokusai Electric shares rose sharply on their first day of trading on the Tokyo Stock Exchange, following an $830 million initial public offering.
The shares were recently at 2,318 yen, or 26% higher than the initial public offering price of Y1,840. The shares opened at Y2,116 earlier Wednesday morning, or 15% higher.
Kokusai Electric, a Japanese maker of equipment used in semiconductor production, didn’t issue new shares. An entity run by U.S. investment company KKR offered a total of 67.7 million shares valued at Y124.57 billion ($831.0 million) to public investors. The KKR-run entity’s stake dropped to 44% following the IPO from 73% prior.
For the fiscal year ending March 2024, Kokusai Electric has projected revenue will drop 27% to Y180.00 billion and net profit will fall 50% to Y20.20 billion, due to weak demand for memory chips and production equipment.
Kokusai Electric’s total outstanding shares are 230.4 million, according to the Tokyo Stock Exchange.
Write to Kosaku Narioka at [email protected]
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