SoftBank mobile unit begins trading on Tokyo Stock Exchange
Japan’s mobile telecoms market is the world’s third largest and the government has been pressuring companies to lower prices for their services.
The listing on the Tokyo Stock Exchange also comes as Son, one of the tech world’s most powerful people, makes waves with his $100 billion Vision Fund.
It was established in October 2016 and is aimed at boosting promising businesses in the technology sector.
“IPO proceeds will supplement the holding company’s liquidity, although a large part of proceeds to SoftBank may eventually be used to fund its remaining capital commitments to the SoftBank Vision Fund (SVF), which continues to invest in internet and emerging technology businesses,” Moody’s Investors Service said in a report last month.
The fund, which describes itself as “designed to be a catalyst for technology progress,” has invested in in companies such as Nauto and Brain Corp, which is building self-driving “brains” for robots, and ride-hailing giant Uber.
Aside from SoftBank Group, other major investors in the fund include Saudi Arabia’s Public Investment Fund and the United Arab Emirates’ Mubadala Investment Company.
— Imagala.com’s Akiko Fujita contributed to this report.