STORY: Shares of Tokyo Metro, one of Japan's leading subway operators, shot up 45% in its market debut on Wednesday, following an overwhelmingly successful IPO.

The offering, which raised $2.3 billion, is Japan's biggest in six years, drawing significant interest from investors.

Trading at more than $11 in the morning, the stock was in high demand, with the IPO more than 15 times oversubscribed, signaling investor confidence in the company.

The Metro dates back to 1920, when it was established as the Tokyo Underground Railway Company.

Seven years later, it opened Japan’s first subway line, connecting areas on the north side of the city center.

Priced at the top end of expectations, investors were drawn to the subway giant’s household name, a 40-yen dividend forecast for the fiscal year ending March 2025, and perks like discounts at its noodle eateries.

The IPO is the largest in Japan since SoftBank Group listed its telecoms unit in late 2018.

Tokyo Metro's listing also comes amid a surge in Japan’s IPO market, which has reached $4.9 billion in offerings so far this year.

According to LSEG data, that's the highest since 2018.

The Japanese government has said it will use money raised in the Metro sale to repay bonds issued after the 2011 earthquake and tsunami.