SoftBank shares fall 10 percent vs. IPO price in Tokyo market debut
Business
SoftBank Corp. shares its market debut on Wednesday, as investor appetite was spoiled by a major service outage this month and worries about its exposure to Chinese telecom equipment maker Huawei Technologies Co.
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS / Issei Kato / File Photo
TOKYO: SoftBank Corp. shares in its market debut on Wednesday, as investor appetite was spoiled by a major service outage this month and worries about its exposure to Chinese telecom equipment maker Huawei Technologies Co.
Following its US $ 23.5 billion initial public offering, shares of the telecom unit of SoftBank Group Corp. fell as far as 1,344 yen five minutes into trade, or 10.4 percent lower than its IPO price of 1,500 yen. The broader Tokyo market was down 0.4 percent.
At 9:15 a.m. (0015 GMT), the shares were at 1,395 yen, after opening at 1.463 yen.
(Reporting by Taiga Uranaka; Editing by Chang-Ran Kim)
