Kokusai Electric shares jumped 28% in their Tokyo market debut on Wednesday after private equity firm KKR sold shares in the manufacturer of chip equipment for $724 million, in Japan's largest initial public offering (IPO) in five years.
The stock closed at ¥2,350, valuing the company at ¥541.5 billion ($3.61 billion) as investors grabbed shares following the rare IPO of a key chip tool manufacturer.
Kokusai had priced its shares at ¥1,840 in the largest Tokyo listing since telecommunications firm SoftBank went public in 2018, providing a partial exit for KKR, which has cut its stake to 47.7% from 73.2% without overallotment.