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Sagawa's IPO success could deliver a big long-run payoff

Japan's No. 2 home-parcel delivery company to hone in on business customers

A Sagawa Express employee at the Ginza Six commercial complex in Tokyo

TOKYO -- SG Holdings, the parent company of Japanese parcel delivery specialist Sagawa Express, is basking in the glow of its successful initial public offering, a move that turns the page for a company that was in crisis not so long ago.

Its shares, which began trading Wednesday on the first section of the Tokyo Stock Exchange, opened at 1,900 yen, a 17.3% premium over the offer price of 1,620 yen.

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