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SoftBank unveils Y2.4 trillion IPO for Japan mobile telecom business

SoftBank unveils Y2.4 trillion IPO for Japan mobile telecom business

SoftBank Group Corp. is seeking to raise ¥2.4 trillion in the initial public offering of its domestic telecommunications operations scheduled for Dec. 19.
The technology conglomerate plans to sell 1.6 billion shares at ¥1,500 apiece, it said in a statement Monday. The IPO price range will be set on Nov. 30, followed by the final price on Dec. 10.

Founder Masayoshi Son is spinning off SoftBank’s cash cow to raise capital to keep making investments in tech startups. The offering comes at a time when the wireless unit faces potential pricing pressure.

NTT Docomo Inc., Japan’s biggest mobile carrier, has announced plans to cut rates 40 percent in response to government pressure to reduce consumers’ phone bills. At the same time, web retailer Rakuten Inc. is jumping into the market as a budget provider.