Softbank announced plans to sell a third of its Japanese subsidiary, which fell 3.4percent

category:Internet
 Softbank announced plans to sell a third of its Japanese subsidiary, which fell 3.4percent


Softbanks IPO in December 2018 was a perfect storm. Just days before the deal began, the company suffered a rare network outage that left users across Japan without signals for more than four hours. Investors were also spooked by plans by Rakuten, an e-commerce giant, into Japans wireless market and the global stock market sell-off. Softbanks share price is about 7% lower than its first day offering price of 1500 yen.

Softbank group has shown a very disciplined approach in managing its balance sheet, which is a welcome change, but it does not bode well for Softbanks shareholders, a senior analyst at the US investment bank wrote in a report

Softbank group said on Friday it plans to sell 225.5 million shares of Softbank to overseas investors in Europe and Asia (excluding the United States and Canada) and an additional 33.5 million shares. Domestic investors will buy 670.5 million shares. The companys goal is to hand over the shares between September 23 and 25, or five working days after pricing and other details have been finalized. (small)

Source: Qiao JunJing, editor in charge of Netease science and Technology Report_ NBJ11279