Socionext debuts after biggest 2022 Tokyo IPO

TOKYO: Chip design firm Socionext Inc extended gains to more than 11% in its Tokyo debut after completing Japan’s largest initial public offering (IPO) this year, defying recent investor pessimism about global semiconductor shares.

Shares of the Yokohama-based company, which had Panasonic Holdings Corp, Fujitsu Ltd and the Development Bank of Japan Inc as holders prior to the listing, rose to as high as 4,080 yen (RM130). They were sold at 3,650 yen (RM117) each, the top of the marketed range in an IPO that was upsized to 66.8 billion yen (US$456mil or RM2.1bil) due to high investor interest.