SoftBank mobile unit to go for IPO raising some $20 billion

TOKYO (AP) — Japanese technology company SoftBank Group Corp. will carry out an initial public offering of its Japanese mobile subsidiary, set for Dec. 19.

The Tokyo Stock Exchange approved the listing of 1.6 billion shares of SoftBank Corp. Monday, at 1,500 yen ($13) a share, raising potentially more than 2 trillion yen ($20 billion).

Founded in 1986, initially running software, broadband and fixed-line telecommunications businesses, the company has expanded to become one of Japan's top mobile service providers.

The parent is investing in a range of companies globally, including U.S. wireless company Sprint, British IoT company ARM, Chinese e-commerce giant Alibaba and U.S. ride-sharing service Uber.

Recently, SoftBank Group Chief Executive Masayoshi Son was in the spotlight for his relations with the Saudi prince after the killing of Saudi journalist Jamal Khashoggi.