SoftBank Corp. will price ¥120 billion ($800 million) of bond-type class shares at an annual dividend rate of 2.5%, the low end of the marketing range, after getting strong demand from both individual and institutional investors, said people familiar with the matter.
(Bloomberg) — SoftBank Corp. will price ¥120 billion ($800 million) of bond-type class shares at an annual dividend rate of 2.5%, the low end of the marketing range, after getting strong demand from both individual and institutional investors, said people familiar with the matter.
The telecommunications unit of SoftBank Group Corp. attracted demand for more than 90% of the planned offering amount as of Oct. 11, the people said. It will increase the amount of the allocation to institutional investors, and terms will be determined as early as Oct. 13, they said. It’s first public offering of such shares in Japan.
A SoftBank spokesperson said the firm could not comment on demand or pricing.
The company has been soliciting retail investors by placing its mobile mascot character dog on information leaflets for the class shares.
The offering is being managed by Nomura Securities Co., Daiwa Securities Co. and Mizuho Securities Co. Nomura is selling ¥100 billion of the shares, Mizuho Securities ¥12 billion, and Daiwa Securities ¥8 billion.
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