Regional supermarket chain Maxvalu Tokai Co. fetched an initial price of 3,170 yen when it debuted Friday on the second section of the Tokyo Stock Exchange, seven years after the collapse of its predecessor, Yaohan Co.
The initial quote was higher than the publicly offered price of 2,800 yen.
Maxvalu, which runs 42 stores in Shizuoka and three other prefectures, has been reconstructing its business under the umbrella of supermarket chain Aeon Co.
Yaohan became a wholly owned subsidiary of Aeon in 2000, changing its name to Maxvalu in 2002.
Yaohan went bankrupt in 1997 with debts of 160 billion yen, seeking court protection from creditors under the Corporate Rehabilitation Law.
Yaohan was launched in 1930 as a greengrocer under the name of Yaohan Shoten, in Atami, Shizuoka Prefecture.
Kazuo Wada, son of Yaohan’s founder, Katsu Wada, led Yaohan as it developed into a major supermarket with outlets in Japan and overseas. In its heyday, Yaohan operated stores in 16 countries.
But the retailer paid the price for its aggressive investments.
Maxvalu, based in Nagaizumi, Shizuoka Prefecture, said its business has been recovering.
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