TOKYO, March 19 Japan Display Inc, the
world's largest maker of smartphone screens, was untraded at the
opening on its debut day of trade on Wednesday as sell orders
overwhelmed buyers, after a $3.3 billion stock offering that was
Japan's biggest so far this year.
The price had been set at 900 yen a share.
The share offering met with a lukewarm reception from
foreign investors, who were concerned about signs of falling
screen prices, forcing the company to cut the portion of the
offering reserved for foreigners to 37.5 percent from 45
The offering included 140 million new shares worth 126
billion yen ($1.24 billion) issued to raise funds for
cutting-edge facilities. Its biggest shareholder, the
government-backed Innovation Network Corp of Japan, sold down
its stake to 35.6 percent from 86.7 percent.
($1 = 101.6300 Japanese Yen)
(Reporting by Dominic Lau and Edmund Klamann; Editing by Edwina
Gibbs and Chang-Ran Kim)