Power wholesaler Electric Power Development Co. debuted Wednesday on the first section of the Tokyo Stock Exchange and in the process became the nation’s largest stock listing this year.
The initial public offering by Electric Power Development, worth about 375 billion yen, exceeds that of Shinsei Bank in February, worth 250 billion yen.
The stock of Electric Power Development, dubbed J-Power, fetched an initial quote of 2,795 yen per share at 9:15 a.m., compared with the IPO price of 2,700 yen.
At the 3 p.m. close of trading Wednesday, J-Power had advanced 3 percent to 2,780 yen from its initial offer price.
“The stock is expected to draw relatively firm demand as index-linked fund managers, for example, have no choice but to include the stock into the portfolios,” said Nagayuki Yamagishi, senior strategist at UFJ Tsubasa Securities Co.
J-Power was established in 1952 by the government to promote the development of power sources.
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