Japan’s SoftBank Group Corp has secured approval to hold a JPY2.4 trillion (USD21.04 billion) initial public offering (IPO) of its domestic telecoms business, Reuters reports. The IPO, which could be one of the biggest the world has seen, is expected to provide Chief Executive Officer Masayoshi Son’s company with the funds to pay down debt and continue investing in innovative projects to drive future tech trends, as SoftBank continues to transform itself into a top global technology investor.
SoftBank seeks to sell 1.6 billion shares at a tentative price of JPY1,500 each, it confirmed in a filing to the Ministry of Finance. The final IPO price will be determined on 10 December, and SoftBank Corp will list on the Tokyo Stock Exchange on 19 December with an initial market value of JPY7.18 trillion. The parent will retain a stake of around two-thirds, depending on any overallotment. More than 80% of the shares will be offered to domestic retail investors, a person with knowledge of the matter told Reuters.