Japan's SoftBank Corp. -- the telecoms unit of SoftBank Group Corp. -- concluded the first day of its trading on the First Section of the Tokyo Stock Exchange with shares dropping more than 14 percent lower than the IPO price.
The company's shares opened at 1,463 yen Wednesday morning, slightly lower than the IPO price of 1,500 yen, but extended the loss to end the day at 1,282 yen.
Based on the closing price, the market capitalization of the company was estimated at 6,137 billion yen, more than 1 trillion yen lower than that based on the IPO price.
The IPO, the largest in Japan's history, occurred after the mobile phone service provider suffered a major disruption in its services earlier this month.
The disruption dented market confidence on the company and cast a negative impact on the IPO, brokers said.
Shares of the parent company SoftBank Group Corp. closed 0.9 percent lower at 8,184 yen on Wednesday.
The company's shares opened at 1,463 yen Wednesday morning, slightly lower than the IPO price of 1,500 yen, but extended the loss to end the day at 1,282 yen.
Based on the closing price, the market capitalization of the company was estimated at 6,137 billion yen, more than 1 trillion yen lower than that based on the IPO price.
The IPO, the largest in Japan's history, occurred after the mobile phone service provider suffered a major disruption in its services earlier this month.
The disruption dented market confidence on the company and cast a negative impact on the IPO, brokers said.
Shares of the parent company SoftBank Group Corp. closed 0.9 percent lower at 8,184 yen on Wednesday.
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