The formerly government-controlled Aozora Bank went public Tuesday -- eight years after its predecessor, Nippon Credit Bank, was delisted from the Tokyo Stock Exchange -- fetching an initial quote of 495 yen, or 13 percent less than its public offering price of 570 yen.
It is unusual for a newly listed company to be priced so far below the initial public offering price. Aozora Bank shares ended the day at 502 yen.
The bank floated some 615.8 million shares with an estimated value of about 380 billion yen, making it the biggest IPO so far this year. The offering by Nomura Real Estate Holdings Inc. last month floated 47 million shares worth about 164.50 billion yen.