Softbank Group Eyeing IPO for Mobile Phone Unit (News)
Tokyo, Jan. 15 (Jiji Press)—Major Japanese Internet and telecommunications conglomerate Softbank Group Corp. is considering an initial public offering for its mobile phone unit, Softbank Corp., informed sources have said.
The group will shortly start full-fledged consultations with the Tokyo Stock Exchange, aiming to realize the key unit's stock listing this year, the sources said.
This could be one of the largest IPOs in Japan as the amount of funds to be procured through the move may reach as much as about ¥2 trillion, according to the sources. The funds are expected to be used to boost the financial strength of the subsidiary and for investment in new business areas, the sources said.
The largest IPO in Japan was that of Nippon Telegraph and Telephone Corp. in 1987, in which the company raised about ¥2.3 trillion.
Softbank Corp. is one of Japan's three major mobile phone carriers. Its two rivals are NTT Docomo Inc. and KDDI Corp. It also offers fixed-line telephone and broadband Internet services.[Copyright The Jiji Press, Ltd.]