Shares of forklift maker Toyota Industries Corp. rose sharply on Thursday, a day after Toyota Motor Corp. raised its offer price for the automaker by more than 15% to more than $35 billion.

Toyota said late Wednesday that its shares rose 5.8%. Increased buyout offer The group’s share price rose to 18,800 yen ($118.11) per share from 16,300 yen announced last June, advancing plans to take the company private.

Last year, Toyota sought to acquire Japan’s largest conglomerate 4.7 trillion yen. The deal includes Chairman Akio Toyoda’s investment of 1 billion yen and Toyota Motor’s investment of approximately 700 billion yen in non-voting preferred shares.

In December, Toyota Industries said it was asking for a higher price amid concerns the deal had limited chances of succeeding.

“While the revised offer is a record high, it can be said to be still dovish,” said Arun George, global equity research analyst at SmartKarma.

He said the company’s valuation was below the midpoint of the valuation range set by independent advisers, a sign it may still be undervalued.

Toyota Industries, which founded Toyota Motor, makes a range of products including forklifts, engines, electronic components and stamping dies.