TOKYO : Japan equity offerings have more than quadrupled in value this year, with investors encouraged by a surge in the Nikkei stock index to a 33-year high and signs that Japanese firms have begun to manage their capital more efficiently.
In contrast, equivalent data for China shows a 29 per cent decline in proceeds, albeit to a much bigger $104.3 billion, on an 11 per cent drop in the number of deals. Successful listings both in Japan and elsewhere could encourage more IPOs, said Yusuke Minowa, head of equity capital markets at Goldman Sachs Japan.
Bankers say investors have been particularly enthused by the Tokyo Stock Exchange's call in March for companies to disclose plans to improve capital efficiency, especially if their shares are trading below book value.
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