TAIPEI (Kyodo) — Major Japanese memory chip maker Elpida Memory Inc. listed its depositary receipts Friday on the Taiwan Stock Exchange, becoming the first listed Japanese company on the bourse.

The company’s Taiwan Depositary Receipts ended the first day of trading at NT$21.70 dollars, or around 60 yen, up 40 cents from the initial public offering price of $21.30.

The receipts allow investors to own a certain number of shares in Elpida.

By becoming a public company, Elpida is aiming to expand its business in Taiwan as it has already reached a basic agreement to enhance cooperation with a Taiwan semiconductor maker.

Elpida estimates it has raised around 12 billion yen through the equity issuance and plans to use the money for research and development activities on next-generation dynamic random access memory chips.