Deals
SoftBank’s Telecom Unit Tumbles Below IPO Price in Debut
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Shares of SoftBank Group Corp.’s domestic telecom business had one of the worst first-day declines ever in Japan after Masayoshi Son raised 2.65 trillion yen ($23.6 billion) in an initial public offering.
SoftBank Corp., the new entity trading under ticker 9434 on the Tokyo Stock Exchange, declined 14.5 percent to 1,282 yen in Tokyo on Wednesday. That’s the biggest decline for a major IPO since Japan Display Inc.’s flop in 2014 and a larger decline in value because of the SoftBank offering’s size. Ninety percent of the investors who bought the stock at the offering price of 1,500 yen were individuals and the rest were funds and money managers.