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Japan Display untraded at open in Tokyo debut with glut of sell orders
March 19, 2014 / 12:16 AM / 4 years ago

Japan Display untraded at open in Tokyo debut with glut of sell orders

TOKYO, March 19 (Reuters) - 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 percent.

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)

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