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Article: Sony Financial Unit Shares Rise in IPO
- Article from:
- AP Online
- Article date:
- October 11, 2007
CopyrightCopyright 2007 Associated Press/AP Online. This material is published under license from the publisher through YellowBrix, Alexandria, Virginia. All inquiries regarding rights should be directed to YellowBrix. (Hide copyright information)
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TOKYO - Japan's largest initial public offering of the year opened Thursday with shares of Sony Corp.'s financial unit rising 5 percent in their trading debut.
Sony Financial Holdings Inc. raised 348 billion yen, or $2.97 billion in selling shares on the first section of the Tokyo Stock Exchange.
The stock was fetching 420,000 yen ($3,590) in early afternoon trading, 5 percent higher than the IPO price of 400,000 yen ($3,419).
The IPO is the biggest in Japan since Aozora Bank Ltd.'s 379.97 billion yen ($3.25 billion) listing in November.
Sony Corp. has long planned an IPO for the unit. Sony Financial Holdings operates Sony Bank as well as life and other insurance companies. It ...