(Bloomberg) -- Discount-store chain operator Trial Holdings Inc. rose 29% in its first day of trade in Tokyo after an initial public offering that raised ¥38.85 billion ($258 million), Japan’s largest this year. 

The stock ended at ¥2,200 on Thursday. About 22.85 million shares were sold at ¥1,700 each in the offering, the top of a marketed range. It’s the largest debut in the country since Kokusai Electric Corp.’s $844 million offering in October.

After withdrawing an earlier IPO plan about one year ago, Trial’s listing on Tokyo’s Growth market comes as as investors flock to Japanese stocks on improving shareholder returns and corporate profits. The timing also corresponds with the Bank of Japan this week ending its negative rates regime and indicating that financial conditions will remain accommodative.

Companies that listed in Japan during the past five years following IPOs that raised at least $100 million rose 18% on their first day of trade, Bloomberg-compiled data show.  

Trial Holdings operates more than 280 stores, touting discount prices on products from fresh food and ready-made meals to housewares and appliances. Proceeds of the IPO will be used to fund new store openings, renovations, logistics centers, expansion of the central kitchen and processing centers and other operations, the terms of the offering show.

--With assistance from Yasutaka Tamura.

(Updates with share price in first and second paragraphs)

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