Tokyo, Dec. 17 (Jiji Press)–SBI Shinsei Bank made a comeback to the Tokyo Stock Exchange on Wednesday, fetching the first quotation of 1,586 yen apiece, higher than its initial public offering price of 1,450 yen. Based on the first quotation, the market capitalization of the bank, a unit of major online financial service group SBI Holdings Inc., stood at 1.42 trillion yen, making the stock listing one of the largest IPOs in Japan this year. The stock rose to as high as 1,680 yen before ending the morning session on the TSE’s top-tier Prime section at 1,618 yen. SBI Shinsei Bank is expected to play a leading role in the SBI group’s “fourth megabank” initiative, designed to promote cooperation among member regional banks of the group. The bank’s predecessor, Long-Term Credit Bank of Japan, went bankrupt in 1998 and was temporarily placed under state control. It is the bank’s third listing, including a period when it was under the wing of a U.S. investment fund. END [Copyright The Jiji Press, Ltd.]
SBI Shinsei Bank Relisted with 1.42-T.-Yen Market Value
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