Yahoo! Japan gets hurrah from Tokyo investors
TOKYO, Nov 4 (Reuters) - Shares of Yahoo! Japan Corp (4689.Q) received a warm welcome from investors in its debut on the over-the-counter market on Tuesday, and brokers said they hoped that the enthusiasm would not be short-lived.
The shares were first traded at 2.0 million yen, sharply above the initial offer price of 700,000 yen.
''The initial trade was within expectations,'' a broker at a major brokerage said. ''Still, there seems to be a bit of over-exuberance in the market for the shares, which may or may not last.''
Brokers said part of the reason for the popularity of the shares could be the fact that only 975 shares were offered.
The offer price was determined through a book building process with the lower limit set at 350,000 yen. The upper limit was raised from 600,000 yen to 700,000 due to the large demand for the shares, a Yahoo executive said earlier.
Yahoo! Japan is a joint venture between Yahoo Inc (YHOO), a U.S. based Internet service provider, and Softbank Corp (9984.Q) a Japanese software publisher.
- Tokyo equities desk (813) 3432-9404
biz.yahoo.com
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According to this link, 318 shares were traded.
quote.yahoo.co.jp
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Peter |
