Papyless Co., a Japanese distributor of electronic books, was set to surge on its first day on the Osaka Securities Exchange’s Jasdaq market.
The shares were bid at 4,130 yen, 53 percent higher than the initial offering price of 2,700 yen, at the 11 a.m. midday break in Osaka. The shares were not traded as bids outnumbered offers by 6 to 1.
“The company is gaining attention because of expectations the e-book market will grow after Apple Inc. introduced its iPads,” said Toshiaki Iwasaki, an analyst at Mito Securities Co.
The Tokyo-based company, which distributes electronic books that can be read on mobile phones and personal computers, forecast a 13 percent gain in net income for this fiscal year to 263 million yen ($2.9 million) on a parent basis with a 4 percent increase in sales, according to a statement to the Tokyo Stock Exchange.