The News
The stock of the company that runs Tokyo’s subway system begins trading Wednesday in Japan’s biggest IPO in six years. Tokyo Metro Co.’s debut is set to support an optimistic outlook for Japanese stocks, analysts said. Its strong IPO is also a testament to the financial strength of Tokyo’s metro system — Asia’s oldest and one of the world’s largest — compared to its struggling counterparts in New York and London.
The listing contributes to what is expected to be Asia’s biggest week for IPOs in more than two years, along with Hyundai Motor India’s trading debut Tuesday. The automaker had India’s largest-ever IPO, but shares fell Tuesday, which “showed the limits of India’s investor frenzy,” Bloomberg wrote.