Shares in Japan Post, bank and insurance units soar after $11.9 billion IPO, 2015's biggest
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Shares of Japan Post jumped nearly 17 percent in the first day of trading after the company and its banking and insurance units raised a combined 1.44 trillion yen ($11.9 billion) in the world's biggest initial public offering of stock this year.
The long awaited sale of stock in the state-owned company is the biggest since Chinese e-commerce giant Alibaba Group Holdings raised $25 billion in its IPO in September 2014.
The Japan Post sale is meant to tease out some of the more than $14 trillion that Japanese investors have squirreled away in savings accounts. Some IPO funds will help pay for rebuilding from the 2011 tsunami disaster.
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Japan Post Bank shares surged 15.4 percent and Japan Post Insurance shares soared 38.2 percent.