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Article: Sony Financial IPO sets record for year in JapanMARKETPLACE by Bloomberg
- Article from:
- International Herald Tribune
- Article date:
- October 2, 2007
- Author:
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Junko Fujita and Hiroshi Suzuki
International Herald Tribune
10-02-2007
Sony, the world's second-biggest maker of consumer electronics after Matsushita Electric Industrial, raised 320 billion in its insurance unit's initial public offering, the biggest in Japan this year. A total of 800,000 Sony Financial shares were sold at 400,000 each, the company said Monday. The sale raised the equivalent of $2.8 billion.Sony sold the shares at the top end of its range, spurring demand by reducing the price from an original reference level of 415,000, after losses in the U.S. subprime mortgage market set off a global rout in stocks. Proceeds from the share sale of Sony Financial, the biggest profit ...