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February 7, 1999

ORACLE JAPAN SHARES SOAR ON OTC DEBUT

By CBR Staff Writer

Oracle Japan Corp’s shares saw their first action Friday when they debuted on the over-the-counter market and jumped 72.8%. In one of the most successful Japanese IPOs in recent years, the shares closed the day at $12,100 yen ($107.90), up from the offering price of 7,000 yen. Oracle Japan offered 5 million shares, which represents 7.0% of its total. The initial offering price was upped to 7,000 yen late last month by manager Nikko Securities Co, from an initial target of between 4,400 and 5,400 yen. The 12,100 yen price is where the stock will officially open when they begin regular trading on Monday. Under Japan’s trading rules, investors were allowed to make only one trade apiece on the OTC market Friday, with the outcome determining Monday’s opening price. The unit, which is said to hold slightly more than 60% of the Japanese database software market, has forecast that net income will rise 30% this year to 7.32 billion yen on sales that will rise 15% to 53.02 billion yen. The 12,100 yen price gives the company a market capitalization of about 860 billion yen ($7.66bn).

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