TOKYO : Shares of Japanese medical devices maker PHC Holdings Corp, formerly Panasonic Healthcare, dropped more than 10per cent from their initial public offering price in their Tokyo stock market debut on Thursday morning.
PHC had priced its initial public offering at 3,250 yen per share, at the bottom of an indicative range of 3,250-3,500 yen, valuing the company at 399.67 billion yen (US$3.5 billion).
The stock traded at 2,805 yen.
PHC, with a global workforce of over 9,600, reported revenue of US$2.8 billion in the year ended in March.
U.S. private equity firm KKR & Co bought the former Panasonic Corp healthcare unit in a US$1.67 billion carve-out deal in 2014, when the Japanese electronics conglomerate overhauled its business.
(US$1 = 113.4600 yen)
(Reporting by Makiko Yamazaki; Editing by Cynthia Osterman)