SoftBank will target a $21 billion IPO for its mobile division

SoftBank
CEO Masayoshi Son.

AP

• Japanese conglomerate SoftBank is launching an initial
  public offering (IPO) of its mobile division in
  December.
• The IPO is set at 2.4 trillion yen, roughly $21
  billion, making it one of the biggest floats ever.
• SoftBank is known for its investments in tech, many of
  which are done through its Saudi-backed Vision Fund.

SoftBank has been granted approval for an initial public offering
of its telecoms division at 2.4 trillion yen ($21.04 billion),

a filing showed on Monday.

A new entity called SoftBank Corp will list on the Tokyo Stock
Exchange in December 19, and the price will be set on December
10.

The company is selling 1.6 billion SoftBank Corp shares at 1,500
yen each, with the parent company holding on to a 66.5 % stake.
An anonymous source told Reuters that more than 80% of the shares
will be offered to domestic retail investors.

The IPO is
already being reported as one of the “biggest IPOs ever.”
SoftBank is famous as an investor in tech, with its
$98 billion Vision Fund injecting huge amounts of capital
into companies such as Uber and WeWork.

The float will give SoftBank an additional injection of cash as
chief executive Masayoshi Son looks to power more tech deals.

Read more:

SoftBank’s Saudi-backed Vision Fund is raising another $4
billion

SoftBank’s
shares took a big hit in October due to its ties
to Saudi Arabia and Crown Prince Mohammed bin Salman,
following
the murder of journalist Jamal Khashoggi in the Saudi Arabian
consulate in Istanbul on October 2.

In November
SoftBank CEO Masayoshi Son decried Khashoggi’s murder but
defended the Vision Fund, roughly half of which is backed
with money from Saudi Arabia’s Public Investment Fund.