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SoftBank earns $21.7B in telecom unit's IPO

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SoftBank earns $21.7B in telecom unit's IPO

Japan's SoftBank Group Corp. has raised about ¥2.35 trillion (US$21.7 billion) in the initial public offering of its domestic telecom unit.

The tech conglomerate, as expected, sold 1,603,693,700 SoftBank Corp. shares in the fully subscribed listing. One of the IPO's Japanese underwriters did not exercise an option granted by SoftBank Group to purchase up to an additional 160,369,400 shares.

SoftBank Group is retaining ownership of 3,182,919,470 shares, or a 66.49% stake, in SoftBank Corp. following the public listing, according to a Jan. 11 statement.

SoftBank Corp. ended its Tokyo Stock Exchange debut on Dec. 19, 2018, at ¥1,282 (US$11.84) per share, down from the stock's IPO price of ¥1,500 (US$13.85).

As of Jan. 10, US$1 was equivalent to ¥108.30.