Softbank Corp. Makes Preliminary Application for TSE Listing

Economy

Tokyo, July 9 (Jiji Press)--Major Japanese Internet and telecommunications conglomerate Softbank Group Corp. <9984> said Monday that its mobile phone unit, Softbank Corp., has made a preliminary application to the Tokyo Stock Exchange for its listing on the TSE.

The core operating unit of the holding company aims to go public by the end of March 2019. It apparently hopes to list its stock on the first section of the TSE.

The amount of funds to be procured from the stock listing is expected to total over 2 trillion yen, making it one of the largest initial public offerings in Japan, informed sources said.

The proceeds will be used for investment and to finance new business operations, in order to further promote the growth of the group.

Softbank Group has set up a 10-trillion-yen fund with the Saudi Arabian government and other parties to invest in information technology startups across the globe.

[Copyright The Jiji Press, Ltd.]

Jiji Press