“The move is more solid than expected, given the recent selloff in semiconductor-related names,” said Masahiro Yamaguchi, a senior market analyst at SMBC Trust Bank. “That shows investor’s sentiment isn’t that bad.”
JX Advanced Metals Corp climbed 6.6% in its debut on the Tokyo Stock Exchange after its initial public offering raised ¥439 billion ($3.91 billion), the nation’s biggest float since SoftBank Corp’s giant deal more than six years ago.
JX, which refines metal and makes semiconductor materials, closed at ¥874 on Wednesday. That compares with the ¥820 IPO price, which was at the high end of the marketed range.
