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Read more about SoftBank prepares for IPO of Japanese telecom unit, seeks to raise $18 bn on Business Standard. SoftBank has long relied on its domestic telecoms business, which makes up a third of overall sales but two-thirds of profit

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softbank prepares for ipo of japanese telecom

SoftBank prepares for IPO of Japanese telecom

unit, seeks to raise $18 bn

SoftBank Group Corp said on Wednesday that it wants to list its Japanese

telecoms unit this year, a move towards completing its transformation from a

domestic telecoms upstart into one of the world's biggest technology investors.

SoftBank said it started preparations to list shares of its core Japanese telecoms

unit, SoftBank Corp.

The company flagged last month that it was considering listing the business,

seeking to raise a reported $18 billion.

SoftBank has long relied on its domestic telecoms business, which makes up a

third of overall sales but two-thirds of profit, as a stable source of cash that can

be diverted to its growing number of investments around the world.

Founder and CEO Masayoshi Son established the more than $93 billion Vision

Fund, the world's largest private-equity fund, which has funnelled more than $9

billion into global startups since its inception

billion into global startups since its inception in 2016, Thomson Reuters data

showed.

Separately on Wednesday, the company reported a 2.8 per cent fall in third-

quarter operating profit, due in part to higher costs. It did not release a forecast

for the current business year, saying there were too many uncertain factors.

Article By - Business Standard