Kokusai Electric Soars 28% After Japan’s Biggest IPO Since 2018

Japanese chip-equipment maker Kokusai Electric Corp. jumped in Tokyo on Wednesday after the largest initial public offering in the country since 2018.

Shares ended 28% higher at ¥2,350, compared with the IPO price of ¥1,840. Kokusai, which supplies chipmaking gear to industry names including Intel Corp., spun out of Hitachi Kokusai Electric Inc. after American private equity firm KKR & Co.bought the company in a tender offer in 2018.

Asked about his reaction to the first day of trading, Chief Executive Officer Fumiyuki Kanai said it gave him confidence.

“The first thing I felt was a sense of security,” ...