vested
Pinball firm off to shaky start by Grace Cao
Shares of Dynam Japan Holdings (6889) closed 10 percent lower than its offer price, during its trading debut yesterday.
That made it the third worst initial public offer showing this year.
The Tokyo-based pinball arcade operator is the first Japanese company to go public in Hong Kong, excluding firms that trade through their depository receipts.
Dynam raised HK$1.5 billion by
selling 112 million shares. But the firm made a disappointing start, with the stock falling soon after the opening bell.
It closed at HK$12.54, down 10.4 percent from the listing price.
"We have never been involved in either money laundering or gangster activities."chairman Yoji Sato said after the listing ceremony - a reference to how pachinko is often viewed in Japan.
He noted too that pachinko, which is a quasi-gambling game, is legal in Japan.
It was earlier reported that
the company could not push through with an IPO in Japan and so came to Hong Kong as its second preferred destination to list.
Dynam plans to spend 70 percent of IPO proceeds on expanding its network in Japan, where it has 355 halls.
The two worst IPO performers this year were Xiwang Steel (1266) and Qualipak International Holdings (1332), slumping 19.6 percent and 10.7 percent respectively on their first trading days.
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It's all about "how much you made when you were right" & "how little you lost when you were wrong"