Human resources tech firm Visional Inc. surged on its first day of trading on the Tokyo Stock Exchange’s Mothers market in Japan’s biggest new listing in more than two years, according to Bloomberg.

The Mothers market is one of the Tokyo Stock Exchange's markets where the shares of startup companies are listed and traded. Its name is said to derive from an acronym of "Market of the high-growth and emerging stocks”.

Visional operates a number of digital job-related services including Bizreach, one of the country’s most popular recruitment platforms for professionals; Calitre, a job change site for people in their 20’s; BINAR, a career change platform for IT engineers; Standby, a generalist job board and HRMOS, a recruitment, evaluation and training platform.

The company’s share price rose as much as 50% above its JPY 5,000 (USD 46.34) IPO price, which was the top of the indicated range. The surge gave Visional an initial market value of about USD 2.4 billion, making it the fourth-largest firm on the Mothers start-up board. In comparison with domestic competitors, that’s dwarfed by USD 76 billion Recruit Holdings Co., but is larger than competitors En-Japan Inc. and Dip Corp. Visional raised 68.2 billion yen (USD 632.1 million) in the IPO, including the overallotment, making it the biggest listing in Japan since SoftBank Group’s mobile phone unit SoftBank Corp. debuted in December 2018. 

Since the IPO yesterday, the share price is down 7.14% reaching JPY 6,280.00 (USD 58.20) and leaving the company with a market cap of JPY 249.14 billion (USD 2.30 billion).