SOFTBANK EYES $21 BN IN UNIT IPO

Business Today - - THE BUZZ -

Masayoshi Son-led Ja­panese con­glom­er­ate SoftBank Group will IPO its do­mes­tic tele­com busi­ness in a bid to raise cap­i­tal for in­vest­ing in tech start-ups across the globe. The group is tar­get­ing 2.4 tril­lion yen ($21.1 bil­lion) and plans to sell 1.6 bil­lion shares at 1,500 yen apiece, valu­ing the busi­ness at 7.18 tril­lion yen. Ja­pan’s tel­cos have re­cently drawn flak over high pric­ing, but Son says price cuts and com­pe­ti­tion will not hurt the group as it aims to cut costs by trim­ming about 40 per cent of the mo­bile busi­ness work­force.

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