SoftBank has priced his mobile arm IPO

SoftBank has priced the initial public offering of its mobile business at ¥1,500 ($13.3) per share and will raise ¥2.65 trillion ($23.5 billion), sticking with the single indicative price given earlier this month. The pricing… came less than a week after millions of SoftBank’s Japanese customers were left without use of the mobile network because of a glitch traced to Ericsson, a supplier. The four-hour outage drew furious crowds to SoftBank’s retail outlets in Tokyo and Osaka, and caused many customers to post on social media their plans to switch to alternative carriers. About 90 per cent of the shares being sold in the IPO are being allocated to retail investors, a balance that prompted the company to take out TV advertisements in an effort to spur national interest… The IPO of SoftBank’s mobile business, which will value the company at ¥7.2 trillion ($64 billion), will be Japan’s biggest. The shares will begin trading on December 19… The ¥1,500 share price matched the number SoftBank gave earlier this month. In a first for Japan, SoftBank did not offer an indicative range — a signal it had received solid interest for a ¥1,500 price that some institutional investors had said looked too high.

Leo Lewis