Japanese subway operator’s shares soar as much as 47 percent in biggest listing since 2018.

The main operator of Tokyo’s sprawling subway network has made a rip-roaring market debut in Japan’s biggest initial public offering (IPO) in six years.

Tokyo Metro Co’s shares soared by as much as 47 percent above their issue price of 1,200 yen ($7.9) on Wednesday, topping 1,760 yen ($11.6) before settling just above 1,700 yen ($11.2).

The listing, which has raised $2.3bn for the subway operator’s government owners, is the biggest market debut since conglomerate SoftBank Group raised $23.5bn with the listing of its mobile phone business in 2018.

The IPO also marks Japan’s first privatisation of a state company since the listing of railway company JR Kyushu in 2016.

Under the listing, the Japanese government and the Tokyo Metropolitan Government each sold half of their stakes.

The IPO comes after the Japanese government passed legislation requiring it to sell its shares to repay reconstruction bonds issued after the 2011 earthquake and tsunami.

To lure investors in the run-up to the listing, which was heavily oversubscribed, the company offered perks including train tickets and entry to its golf range.

The company also touted an above-average dividend yield, forecasting a payout of 40 yen ($0.26) per share for the financial year ending 2025.

Tokyo Metro Co, which operates nine subway lines and 180 stations, is the larger of the Japanese capital’s two major metro operators – the other being Toei Subway – transporting about 6.5 million people each day.

The company posted a net profit of 46.3 billion yen ($305m) for the fiscal year that ended in March, a 67 percent jump from the previous year.