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Home / Business / SoftBank Corp shares drop 14% on their first day of trading, but it's still one of the biggest IPOs ever – TechCrunch

SoftBank Corp shares drop 14% on their first day of trading, but it's still one of the biggest IPOs ever – TechCrunch



SoftBank Corp.'s initial public offering today started trading in a whiplash of 14.5% during its first day of trading on the Tokyo Stock Exchange.

Group, whose holdings also include Sprint and the $ 100 billion Vision Fund.

Shares of SoftBank Corp. opened at 1.463 yen, below the 1.500 yen the IPO price (instead of a range), and closed at 1.282 yen , It offered 160 million shares, or about a third of the total held by parent company SoftBank Group. Despite a bumpy first day of trading, SoftBank Corp. raised a total of 2.65 trillion yen (about $ 23.5 billion), making it Japan's largest ever IPO and placing it just behind Alibaba's record-setting $ 25 billion debut on the New York Stock Exchange in 201

4 ( SoftBank Corp. is one of Alibaba's largest shareholders.

According to Bloomberg, 90 percent of those who bought SoftBank Corp. shares were singled out in an unusual marketing campaign.

Factors This may have been caused by a software outage (O2 customers in Great Britain were so affected).

The Outage underscored other concerns about SoftBank Corp.'s telecommunications infrastructure , According to a Nikkei report published last week, the company has decided to stop using hardware from Huawei Technologies, Ericsson and Nokia.

While the company says the hardware swap isn It is expected to cost a lot of money, so it will need to deal with more competition next year. SoftBank Corp's rivals are currently NTT DoCoMo and KDDI, but Rakuten intends launch cellular service in October 2019, making it Japan's fourth mobile network operator.

Thus, SoftBank Group carries massive debt that totaled 18 trillion yen (about $ 160 billion) as of the end of September, more than six times the amount it earns on an operating basis. Saudi Arabia's sovereign fund, called the Public Investment Fund, is run by Saudi Crown's Prince Mohammed bin Salman,

who has been implicated by Turkish officials and the United State's Central Intelligence Agency in the planning of journalist Jamal Khashoggi's murder. Crown Prince Salman has been involved in the future of Saudi Arabia's involvement with SoftBank, especially since Crown Prince Salman said in October that Saudi Arabia plans to invest another $ 45 billion in the second Vision Fund .


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