Shares of USJ Co. fell nearly 5% in their market debut on Friday, a lackluster start for Japan's second-largest initial public offering this year, as investors worried about the valuation of the operator of the Universal Studios theme park in Japan.
Shares of USJ first traded on the Tokyo exchange's Mothers market for start-ups at 46,600 yen, 4.9% below the initial public offering (IPO) price of 49,000 yen.
A total of 577,143 shares were offered in the IPO, including 230,000 new shares. At the pre-market price, the offering was worth 28.28 billion yen ($241 million).
Of the 347,143 existing shares offered, 85,143 were sold by Crane Holdings, a unit of Goldman Sachs Group and USJ's top shareholder.
The deal is the second-largest Japanese IPO this year, when the 50,000 share over-allotment is included, according to data provided by research firm Dealogic.
Real estate investment trust Nomura Real Estate Residential Fund, which debuted in February, is the biggest so far this year, the data showed.