World’s second-biggest-ever IPO flops
Hong Kong (CNN Business)SoftBank’s blockbuster IPO has flopped in its market debut.
Shares in the Japanese company’s mobile telecommunications unit plummeted 15% in Tokyo on Wednesday, their first day of trading. The stunning plunge wiped out billions of dollars in market value.
The business is one of Japan’s biggest wireless carriers and has provided the foundation for SoftBank CEO Masa Son’s vast tech empire. By listing a big chunk of it, SoftBank Group (SFTBY) raised about $23.5 billion.
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