TOKYO (Reuters) -Rigaku’s shares fell 4% in early trading in their market debut on Friday, after the Japanese X-ray testing tool maker raised $863 million in its initial public offering.
Shares opened at 1,205 yen ($7.94) after initially being untraded with a glut of sell orders.
Rigaku, which is backed by buyout firm Carlyle Group, priced the IPO at 1,260 yen per share, at the top end of a 1,230 to 1,260 yen range.
Carlyle announced in January 2021 it was acquiring a roughly 80% stake in Rigaku through its fourth Japan buyout fund, with the company saying it planned to list in the coming years.
“Rigaku has experienced significant growth over the past four years, leveraging the benefits of working alongside a global financial sponsor,” said Rigaku CEO Jun Kawakami in a statement.
On Wednesday, shares in subway operator Tokyo Metro popped 45% in their market debut after Japan’s largest IPO in six years bagged it $2.3 billion with the lure of sizeable dividends.
($1 = 151.7600 yen)
(Reporting by Sam Nussey; Editing by Muralikumar Anantharaman and Christopher Cushing)
