TOKYO, July 3 (Reuters) – Suntory Beverage and Food Ltd managed a modest rise in its debut on Wednesday after a $4 billion IPO, as investors shrugged off volatile markets and rich valuations to buy up what may be Japan’s last big corporate listing of 2013.
* Shares rise 1.5 pct from IPO price, rivals fall
* Dearth of other big Japan listings on the horizon
* Equity issuers cash in on buoyant share market
Suntory’s offering, Asia’s biggest IPO so far this year and aimed at building up a warchest for overseas acquisitions, is part of a surge in Japanese equity issuance as companies cash in on higher valuations from a rallying stock market.
The rally stalled in mid-May and the market has turned volatile but Prime Minister Shinzo Abe’s reflationary policies continue to support less high-profile equity issuance, with advertising firm Dentsu Inc announcing on Wednesday it would tap the market for $1.2 billion in a secondary offering to pay down debt.