In its earnings presentation, the company noted that the gains came despite increases in maintenance expenses and increased advertising. In addition, IIJ is making a larger portion of its revenue in higher-margin areas such as systems integration, which comprised 43% of its revenue but 60% of its gross margin.

Given the numbers in its most recent quarter, Wednesday's pop in IIJ's stock isn't surprising. And if the company can maintain its push into higher-margin areas of growth while keeping costs under control, there's reason to expect the stock to move higher over time.

But for the sake of its Tokyo listing, IIJ had better hope any gains in its stock price are gradual, not in another surge right before its new offering is priced. Though a second failed offering looks unlikely now, the consequences would be grim: it would send an awfully bad message to prospective investors.

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