SoftBank Group Corp.’s 2.4 trillion yen ($21 billion) initial public offering of its Japanese telecommunications unit has successfully secured sales for the bulk of its shares to individual investors, people familiar with the matter said.
The lead underwriters, which had set a target of about 2 trillion yen worth of retail sales, have received enough reservations at around the indicated price of 1,500 yen, said the people, who asked not to be identified because the information isn’t public. One brokerage completed half of its volume at a retail branch on the first day, they said. SoftBank shares added to gains and rose as much as 3.9 percent to 9,597 yen in Tokyo, the highest intraday price in more than a month. Rivals NTT Docomo Inc. and KDDI Corp. fell to session lows.
