What is it with the Japanese and phone companies, we asked a few months back as shares in another newcomer started trading at way below their issue price – and it has happened yet again, this time with Japan Telecom Co Ltd, which ended their first trading day on Tuesday at 4.65m yen – a ludicrous $47,400, a price far below what many investors paid for them – successful bidders paid a weighted average of 5.44m yen or $55,500 a share in the mid-August auction of 17,000 shares, with some paying as much as 6.6m yen – that’s $67,300.
