Asia's Oldest Subway, Tokyo Metro, Shares Surge 45% in Japan's Largest IPO

Oct 23, 2024, 01:20 AM

Tokyo Metro Co., Asia's oldest subway operator, made a strong debut on the Tokyo Stock Exchange in Japan's biggest initial public offering (IPO) in six years. The government owners raised 348.6 billion yen ($4.6 billion) by pricing shares at 1,200 yen each. On their first day of trading, the shares surged over 45%, opening at 1,630 yen and soaring up to a 49% increase, reflecting strong investor demand. The IPO was oversubscribed, with underwriters reporting more than 15 times demand, and foreign investors seeking over 35 times the shares available to them. The successful IPO and subsequent share performance are seen as a test of investor confidence in the Japanese stock market.