June 23 (Bloomberg) -- Papyless Co., a Japanese distributor of electronic books, was not traded on its first day on the Osaka Securities Exchange’s Jasdaq market as bids outnumbered offers.
The shares were last bid at 6,210 yen in Osaka, compared with the initial offering price of 2,700 yen. Bids outnumbered offers by 2 to 1. It was the first company whose shares didn’t trade on the first day of listing, since CanBas Co. which was listed on Sept. 17.
“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.
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