Tokyo Metro shares untraded with a glut of buy orders

TOKYO (Reuters) – Shares in Tokyo Metro were untraded with a glut of buy orders in early trading in Tokyo on Wednesday.

Tokyo Metro, one of the capital’s two major subway operators, raised $2.3 billion after pricing its initial public offering at the top of the range at 1,200 yen apiece.

The IPO was more than 15 times oversubscribed, Reuters has reported, with investors drawn to a household name with an attractive dividend yield.

Tokyo Metro is the largest IPO in Japan since SoftBank Group listed its telecoms unit in late 2018.

(Reporting by Sam Nussey and Miho Uranaka; Editing by Christopher Cushing)