By Hallie Detrick
December 11, 2018

SoftBank Corp just set the record for the biggest-ever IPO in Japan.

The telecom unit of SoftBank Group Corp raised $23.5 billion after selling extra stocks, coming within striking distance of the record $25 billion 2014 Alibaba IPO, making it the second-biggest stock listing ever. Stocks were priced at 1,500 yen ($13) apiece, as indicated last week. Trading won’t begin until December 19th, but all 1.76 billion shares on offer are already spoken for, including all stocks set aside for excess demand.

SoftBank Group Corp is a Japanese multinational conglomerate and home to the Vision Fund, the biggest technology fund in the world. In the U.S., SoftBank owns interests in companies like T-Mobile, Uber, WeWork, Boston Dynamics, and a variety of real estate ventures.

Earlier this fall, Softbank Group Corp stocks fell when they hesitated to distance themselves from Saudi Arabia in the wake of the disappearance of Jamal Khashoggi. Saudi Arabia contributed half of the funds for the $93 billion Vision Fund.

Last week SoftBank Corp executives scrambled to reassure investors in the wake of a mobile service outage that affected some of the telecom’s 34 million subscribers. The company apologized to customers on its website and held emergency conference calls for institutional investors.

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