Sony's IPO in Japan looking good: US$ 2.8 billion raised |
Ó
Here's an update to our report on Sony's plan to conduct a massive initial public offering (IPO) earlier this month. Pricing began earlier today and true to initial predictions, the said IPO became Japan's biggest since Aozora Bank Ltd.'s 351
billion Yen offering in November 2006.The starting offer per share was at around 415,000 Yen. However, due to low demand activity, Sony decided to lower the price to 400,000 Yen each. At the end of the day, a total number of 800,000 Sony Financial Holdings Inc. shares were sold.
All these money (US$ 2.8 billion), reports added, will be used to further fund Sony projects Bravia TV and the PlayStation consoles. Yasuda Asset Management Co. Japanese Equities Head Masaki Iso said:
The price is acceptable considering it was set when the stock market hadn't fully recovered from the sub-prime shock. Sony Financial's stock has potential to rise as the market will recover.
Sony shares gained 1.4% to 5,650 yen at the close on the Tokyo Stock Exchange.
Via Bloomberg
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Comments [refresh]
Thats certainly good news.
The Sony Bravia is a great HD TV for a low price if your on a tight budget.