Nomura Real Estate Holdings Inc. debuted Tuesday on the first section of the Tokyo Stock Exchange in the largest initial public offering in Japan this year, fetching an initial quote of 3,900 yen per share in the first 30 minutes of trading.
The quote was up from an initial offering price of 3,500 yen. The country's fifth-largest real estate developer was the most heavily traded issue in value terms on the exchange Tuesday, ending the day at 4,120 yen.
Nomura Real Estate, Nomura Building Management Co. and other firms floated a total of 47 million shares -- 36 million new shares and 11 million shares held by the company -- worth about 164.50 billion yen at the initial offering.
The firm was set up in 2004 as the holding company of Nomura Real Estate Development Co., specializing in housing, rental, and asset maintenance and development. The next major public share offering will be oil refiner Idemitsu Kosan Co., which will begin trading on the market on Oct. 24.