SoftBank IPO's Weak Debut Is Still a Win for Masayoshi Son

Masayoshi Son raised 2.65 trillion yen ($23.6 billion) by pulling off the world’s second-largest initial public offering ever. Investors weren’t so lucky.

SoftBank Corp., the Japanese telecommunications business of the billionaire’s technology empire, fell 7 percent to 1,192 yen just after the open in Tokyo on Thursday, hurt by concerns over an impending price war that could hit profits. That follows a 14.5 percent drop on the first day of trading a day earlier, which marked the biggest decline for a major IPO since Japan Display Inc.’s flop in 2014.