Inpex Corp., a government-affiliated oil exploration company, proved popular in its debut Wednesday on the first section of Tokyo Stock Exchange, ending the day at 549,000 yen, 18.1 percent higher than its initial public offering price of 465,000 yen.
In line with the listing, the state-run Japan National Oil Corp., which holds a 53.96 percent stake in Inpex, put up 343,725 shares for sale, or 17.9 percent of Inpex's 1.92 million outstanding shares, according to Inpex and JNOC.
Inpex stock rose as high as 587,000 yen in the morning after fetching an initial quote of 576,000 yen at 9:45 a.m., 23.9 percent higher than the IPO price. It was the day's most heavily traded issue by value.
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