Japan Display Plunges 15% in Debut on Business Model Concerns

Japan Display Inc., a merger of three struggling screen-makers that’s supported by a government-backed fund, posted the worst debut of any Asia-Pacific initial public offering worth at least $1 billion since 2008.

Shares plunged 15 percent to close at 763 yen in Tokyo, compared with the 900 yen price paid in the IPO and a 0.1 percent drop in the benchmark Topix index. The company, which supplies screens for Apple Inc.’s iPhones, raised 318.5 billion yen ($3.1 billion) in its initial offering.