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SBI Says It Made An Error Allocating Shares in SoftBank IPO

  • Customers were told they can get fewer shares than requested
  • SBI Securities is one of the lead underwriters for the IPO
Bloomberg business news
One of the underwriters for SoftBank’s IPO of its telecom unit, said it made an error. Peter Elstrom reports.(Source: Bloomberg)
Updated on

SBI Holdings Inc., one of the lead underwriters for SoftBank Group Corp.’s initial public offering of its domestic telecom unit, said it made an error allocating some of the 180 billion yen ($1.6 billion) worth of shares it’s selling to investors.

After the underwriter held a lottery on Dec. 10 to distribute the shares in the offering to retail customers, some of them were notified they will get fewer shares than requested. SBI on Wednesday contacted customers correcting the error and saying they can have more stock, said Tsuyoshi Ogata, a senior manager in SBI’s corporate planning department.