Deals
SoftBank’s Son Is Raising $21 Billion in IPO to Fund Tech Deals
- Japan’s biggest-ever stock market debut will be in December
- New company will have 85 percent dividend payout ratio
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SoftBank Group Corp. founder Masayoshi Son is seeking to raise 2.4 trillion yen ($21.1 billion) in an initial public offering of his Japanese telecom business that could be the country’s largest IPO yet.
The Japanese technology giant said in a prospectus Monday it will sell 1.6 billion shares at 1,500 yen apiece in a new entity, SoftBank Corp., that will start trading on Dec. 19. At that price, the IPO would surpass the offering of former national carrier Nippon Telegraph & Telephone Corp. in 1987.