Softbank plans public offering for venture capital unit
By Bloomberg News
December 6, 2000, 5:40 a.m. PT
TOKYO--Softbank, Japan's largest investor in the Internet industry, will raise $171.2 million (19 billion yen) in an initial public offering and the sale of existing shares of the unit.
Softbank Investment will raise $105.7 million by issuing 7,800 new shares for sale to the public at $13,552 per share. At the same time, Softbank Finance, the parent company of the unit as well as Softbank's wholly owned financial unit, will raise $70.5 million by selling 5,200 existing shares of the unit.
The IPO will raise crucial funds for Tokyo-based Internet conglomerate, which lost about $181 billion from its value after its share price peaked in February. Softbank shares have fallen more than 91 percent since their peak, returning to near the levels they were at before their stellar gains last year.
Softbank Investment manage venture capital funds with about $2.25 billion invested in 352 companies worldwide, equal to a quarter of Softbank's total venture capital.
Daiwa Securities SB Capital Markets will arrange the sale. Softbank Investment will debut on the Osaka Stock Exchange's over-the-counter market on Dec. 15. |
