Japan’s SoftBank prepares listing of mobile unit

AFP, TOKYO: Japanese telecoms giant SoftBank yesterday said it had begun preparing to list its mobile unit in a move reports said could raise up to $18 billion, making it one of the country’s biggest ever initial public offerings.

In a statement the company said it had “commenced preparations to list SB (mobile unit) shares”, which would give the unit “greater managerial autonomy to develop its own growth strategy”.

Reports emerged last month that the company was considering the move, and it acknowledged at the time that an IPO was “an option”, while saying no final decision had been made.

The Nikkei economic daily, which first reported the plan, said the listing could bring in two trillion yen ($18 billion).

The news on Wednesday came shortly before SoftBank announced a 20 per cent jump in net profit in the nine months to December thanks to US tax cuts and the strong performance of its huge investment fund.

 

Japans SoftBank prepares listing of mobile unit

AFP, TOKYO: Japanese telecoms giant SoftBank yesterday said it had begun preparing to list its mobile unit in a move reports said could raise up to $18 billion, making it one of the countrys biggest ever initial public offerings. In a statement the company said it had commenced preparations to list SB (mobile unit) shares, which would give the unit greater managerial autonomy to develop its own growth strategy. Reports emerged last month that the company was considering the move, and it acknowledged at the time that an IPO was an option, while saying no final decision had been made. The Nikkei economic daily, which first reported the plan, said the listing could bring in two trillion yen ($18 billion). The news on Wednesday came shortly before SoftBank announced a 20 per cent jump in net profit in the nine months to December thanks to US tax cuts and the strong performance of its huge investment fund.