Go Inc. Surges 21% in Tokyo, Japan's Largest IPO of the Year

Go Inc. shares surged 21% during their Tokyo Stock Exchange debut on Tuesday.

The taxi-hailing app raised ¥88.6 billion ($553 million) in Japan’s largest initial public offering of the year.

Shares priced at the top of their marketed range.

The company reached a market value of approximately ¥186 billion ($1.16 billion).

The successful listing provides a boost to Japan’s sluggish IPO market.

Global investors including BlackRock and Wellington Management heavily oversubscribed the Goldman Sachs-backed offering.

Goldman Sachs, Bank of America, and Nomura Holdings served as joint global coordinators.