Sony to raise 300 bil. yen in financial unit’s IPO

TOKYO, Bloomberg

Sony Corp. will raise 300 billion yen (US$2.59 billion) through an initial public offering of its financial unit on the Tokyo Stock Exchange’s first section early next month, the Nikkei newspaper said. The sale of shares in Sony Financial Holdings Inc., which comprises life and casualty insurers and an online bank, would be Japan’s largest IPO this year, the Nikkei reported without saying where it obtained the information. Sony will sell about a 30 percent stake in Sony Financial through existing shares and also offer an unspecified number of new shares. It will use the funds to strengthen its electronics division, the newspaper said. Nomura Holdings Inc. will handle the domestic offering, while JPMorgan Chase & Co. will arrange the overseas sale of stock, the report said.

The financial company is expected to have a market value of about 1 trillion yen once listed, according to the report.