TSE Approves Dec. 19 Stock Listing of Softbank Corp.
Tokyo, Nov. 12 (Jiji Press)--The Tokyo Stock Exchange approved Monday the stock listing of Softbank Corp. <9434>, the mobile phone unit of major Japanese Internet and telecommunications conglomerate Softbank Group Corp. <9984>, on Dec. 19.
The total amount of funds to be procured through the stock listing is expected to reach 2.6 trillion yen, topping the largest initial public offering in Japan, by Nippon Telegraph and Telephone Corp. <9432>, which raised some 2.3 trillion yen in its IPO in 1987.
Softbank Corp. is expected to be listed on the first section of the TSE.
The parent company plans to use the proceeds for investment to promote its growth and to reduce debts.
Softbank Group Chairman and Chief Executive Officer Masayoshi Son will aim to boost investment in such growth fields as artificial intelligence. The company is already listed on the TSE's first section.
[Copyright The Jiji Press, Ltd.]