TOKYO , Dec. 19 -- ( Kyodo ) _ (UPDATING WITH CLOSING PRICE, ADDITIONAL INFO) The holding company of Ashikaga Bank , a regional bank once nationalized after falling into negative net worth, began trading Thursday on the first section of the Tokyo Stock Exchange in the year's third-largest initial public offering. Ashikaga Holdings Co. began trading at 451 yen , up 7.4 percent from its IPO price of 420 yen and valuing the company at 146.5 billion yen , making the IPO the third-largest of the year in Japan , according to Mitsubishi UFJ Morgan Stanley Securities Co. The stock traded as high as 476 yen before closing at 432 yen . Its predecessor was delisted from the TSE in January 2004 after the regional bank based in Tochigi Prefecture, eastern Japan , was put under state control in 2003 with a negative net worth of more than 100 billion yen . Ashikaga Holdings has been reconstructing itself with the help of an investment group led by Nomura Holdings Inc. , which bought Ashikaga in 2008.
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