SOFTBANK EYES $21 BN IN UNIT IPO

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.