Following a long summer of discontent and volatility, Internet Initiative Japan (IIJI), a Tokyo-based Internet services provider, has found itself exactly where it was six months ago.
That was when the company was finally approaching its
On Wednesday, IIJ said it was ready for another try. Its financials for its fiscal second quarter ended Sept. 30 were looking just as strong as the fiscal fourth quarter of last year. So, IIJ won the Tokyo Stock Exchange's OK to list its shares on the exchange's Mothers market. Like last time, it's basing the price of the offering on the listing expected on Dec. 2.
And like last time, IIJ shares leapt in anticipation of the listing, climbing 13% to $11.63 on heavy volume Wednesday after rising as high as $12.58 intraday -- its highest level since the pricing of the first planned Tokyo Stock Exchange listing.
On Thursday, the company's shares had recently given back almost 4% to $11.20.
Just what was the cause of that prepricing surge last May remains something of a mystery. Although it bore many hallmarks of speculative manipulation, and although it's exactly the kind of event that discourages other overseas companies from listing on U.S. exchanges, regulators never gave any hints about what caused the suspiciously erratic trading. A Securities and Exchange Commission spokesman declined to comment on whether there has been an investigation into the trading of IIJ.