In a rare feat during a tough year for initial public offerings globally, a Japanese chip design firm has executed Japan’s largest IPO this year, after scaling up the deal and pricing shares at the top of the offered range.
Shares of Socionext — which counts Panasonic Holdings, Fujitsu and the Development Bank of Japan among its shareholders — were sold at ¥3,650 each in an upsized offering that amounted to ¥66.8 billion ($461 million), according to a statement Monday. It’s the largest IPO in Tokyo since December.
Holders increased the number of shares on sale by about 55% last month after strong demand from investors, IFR reported. Appetite for the Yokohama-based firm contrasts with several recent listings across Asia that were either delayed, cut in size or that priced at the bottom of the range amid expectations for a mismatch between issuers and investors.