Shares in Sony Financial (8729.T) jumped as much as 40% in their Tokyo trading debut on Monday, after the business was spun-off from entertainment and technology conglomerate Sony (6758.T).
Sony distributed shares in its finance arm, which includes banking and insurance, to shareholders through dividends in kind as it focuses on entertainment.
It is the first partial spin-off in Japan taking advantage of a 2023 tax change and the first direct listing in more than two decades.
The shares rose as high as 210 yen after changing hands for the first time at 10:13 a.m. in Tokyo, an hour and 13 minutes into the session, before trading at 201.6 yen as of 10:30 a.m. The reference price was 150 yen ($1.00).
In a direct listing, a company lists on the stock market without a traditional initial public offering.
Sony Financial has said it will buy back up to 100 billion yen ($671.1 million) of its shares.
Sony aims to expand its presence in entertainment from games to movies and music, and maintain its position as the leading manufacturer of image sensors.
($1 = 149.0200 yen)
