[B] Nasdaq Japan kicks off Japan's 8 venture stk trade; 6 issues end AM up
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--NASDAQ JAPAN:Sugi Pharmacy stks opens at 8,000 yen vs IPO 7,000 yen
--NASDAQ Japan:Digital Design opens 1.7 mln yen vs IPO 1.5 mln yen
--NASDAQ Japan:Xnet opens at 6.0 mln yen vs IPO 5.5 mln yen
--NASDAQ Japan:Creek & River opens 3.54 mln yen vs IPO 3.50 mln yen
By BridgeNews
Tokyo--June 19--Nasdaq Japan Inc. and the Osaka Securities Exchange (OSE) on
Monday kicked off the first trading of the shares of 8 Japanese venture
enterprises. Although the stocks of Internet provider Masternet Co. ended the
morning 15% lower and software provider Creek & River Co. was flat at the
initial public offering (IPO) price, the six other climbed above IPO price
and the previous close on other major and over-the-counter (OTC) markets.
* * *
Of eight venture companies, three system service and software providers XNET
Corp., Creek & River Co., Digital Design and drugstore operator Sugi Pharmacy
Co. debuted, the shares of Masternet and entertainment software provider
Digicube Co. were shifted from the Japan's over-the-counter (OCT) market to the
Nasdaq Japan.
Also, discount chain store operator Don Quijote Co. and car dealer Honda
Verno Tokai Co. went publics on the Nasdaq Japan market, in addition to the
existing listing on the Tokyo Stock Exchange (TSE) and the Nagoya Stock Exchange
in Japan.
Despite a steady gain in the morning session of the majority of the
newly-listed issues, some traders noted there is skepticism about whether
relatively heavy trading seen in the earlier session could continue to bolster
Nasdaq Japan.
"I would like to take to the sidelines for Nasdaq Japan until I see the
near-term stable turnover in the new market. Because the first trading day might
have seen an active purchase from the accounts of IPO's lead manager brokerage
houses," to give a boost to the first trade, said Kenji Fukushima, assistant
manager of equity dealing at Izumi Securities.
Sugi Pharmacy stocks advanced 29%, or 2,000 yen, to end the morning at 9,000
yen, compared with the IPO price of 7,000 yen, on aggressive buying through the
IPO's main manager Nikko Salomon Smith Barney.
He continued, "if globally well-known firms and large-capitalization stocks
registered on the OTC market are listed on Nasdaq Japan, it will possibly grab
the strong interest of investors."
Meanwhile, traders said market participants targeting a long-term investment
had little interest in the first trading of the Nasdaq Japan's venture issues
with unknown risk.
At 1630 JT, Nasdaq Japan and the OSE will hold a press conference to
celebrate its first trading, inviting Frank Zarb, Chairman Executive Officer at
Nasdaq Association of Securities Dealers (NASD) Inc. in the United States.
On June 23, Morningstar Japan K.K., which provides information on the Web
for financial products, intends to become a ninth listee on Nasdaq Japan.
Morningstar's IPO price was set on June 14 at the upper limit of 7.0 million yen
of tentative price range.
Issues Monday's AM close Compared with IPO price/
Previous close on other exchanges
XNET 5.82 mln yen up 5.8% from 5.50 mln yen
Creek & River 3.50 mln yen unchanged at 3.50 mln yen
Digital Design 2.00 mln yen up 33.3% from 1.50 mln yen
Sugi Pharmacy 9,000 yen up 28.6% from 7,000 yen
Masternet 1.65 mln yen down 15.4% from 1.95 mln yen
Digicube 2.90 mln yen up 1.8% from 2.85 mln yen
Don Quijote 15,400 yen up 0.1% from 15,390 yen
Honda Verno Tokai 1,350 yen up 3.5% from 1,305 yen
End
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Akiko Miyajima, BridgeNews, Tel: 813-3230-2180
Send comments to equity@bridge.com
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