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SoftBank unveils $21 billion IPO of Japan mobile unit

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SoftBank unveils $21 billion IPO of Japan mobile unit

The IPO will help raise funds for the company as it increasingly transforms into an investment firm.

tokyo - It could be one of the biggest tech IPOs in years

Published: Mon 12 Nov 2018, 7:04 PM

Updated: Mon 12 Nov 2018, 9:06 PM

Telecoms giant SoftBank will list shares in its Japanese mobile unit next month in a sale that could raise over $21 billion and be one of the biggest tech IPOs in years.

The IPO will help raise funds for the company as it increasingly transforms into an investment firm, ploughing money into a broad range of companies and projects around the world.

The IPO will take place in Tokyo on December 19 and will offer 1.6 billion shares in the SoftBank Corp mobile unit at 1,500 yen ($13) each.

That values the mobile unit at 7.18 trillion yen, and the IPO could be Japan's biggest-ever, local media said.

The company had announced in February that it was going ahead with the IPO after media speculation about the plan.

It said then that the listing would give the mobile unit "greater managerial autonomy." - AFP



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