SoftBank shares fall 10 percent vs IPO price in Tokyo market debut

TOKYO (Reuters) - SoftBank Corp shares slid in its market debut on Wednesday, as investor appetite was spoiled by a major service outage this month and worries over its exposure to Chinese telecom equipment maker Huawei Technologies Co [HWT.UL]. Following its $23.5 billion initial public offering, shares of the telecoms 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.

Reuters December 19, 2018 06:05:50 IST
SoftBank shares fall 10 percent vs IPO price in Tokyo market debut

SoftBank shares fall 10 percent vs IPO price in Tokyo market debut

TOKYO (Reuters) - SoftBank Corp <9434.T> shares slid in its market debut on Wednesday, as investor appetite was spoiled by a major service outage this month and worries over its exposure to Chinese telecom equipment maker Huawei Technologies Co [HWT.UL].

Following its $23.5 billion initial public offering, shares of the telecoms unit of SoftBank Group Corp <9984.T> 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 <.TOPX> 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)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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