Softbank Makes Weak Debut on TSE

Economy

Tokyo, Dec. 19 (Jiji Press)--Major mobile phone carrier Softbank Corp. <9434> made a weak debut on the Tokyo Stock Exchange's first section on Wednesday.

Softbank shares fetched the debut price of 1,463 yen apiece, lower than the initial public offering price of 1,500 yen.

Individual investors are believed to be highly interested in the shares thanks to the issuer's popularity and expectations for high returns. But uncertainties over the course of the firm's business have grown since the massive communications network outage on Dec. 6, brokers said.

Still, the value of Softbank shares released by its parent, Softbank Group Corp. <9984>, for the IPO is estimated at some 2.6 trillion yen, exceeding the previous IPO record in Japan of about 2.3 trillion yen for Nippon Telegraph and Telephone Corp. <9432>, which went public in 1987 upon privatization.

Softbank Group plans to use the funds it raised through the IPO to boost investments in advanced artificial intelligence developers on the globe and improve its financial standing.

[Copyright The Jiji Press, Ltd.]

Jiji Press